0002070849-26-000017 | 10-K | XBRL Viewer

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Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
US Federal	$ 240
US State and Local	247
Total taxes paid	487	$ 9	$ 0
Illinois
Income Tax Paid, by Individual Jurisdiction [Line Items]
US State and Local	80
Minnesota
Income Tax Paid, by Individual Jurisdiction [Line Items]
US State and Local	34
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
US State and Local	$ 133

Fair Value Measurements - Schedule of Changes in Fair Value Assumptions of Financial Instrument (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 0	$ 47,686
Additions		0
Adjustment to fair value	0	835
Gain on extinguishment		(8,635)
Settlements		(39,886)
Transfers from Level 3 to Level 2	0
Fair value, ending balance	0	0
Term Loan
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	51,481	0
Additions		50,000
Adjustment to fair value	5,745	1,481
Gain on extinguishment		0
Settlements		0
Transfers from Level 3 to Level 2	0
Fair value, ending balance	57,226	51,481
Warrant \| Common stock warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	2,533	1,653
Additions		0
Adjustment to fair value	0	880
Gain on extinguishment		0
Settlements		0
Transfers from Level 3 to Level 2	(2,533)
Fair value, ending balance	0	2,533
Warrant \| Redeemable Convertible Preferred Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	230	146
Additions		0
Adjustment to fair value	0	84
Gain on extinguishment		0
Settlements		0
Transfers from Level 3 to Level 2	(230)
Fair value, ending balance	$ 0	$ 230

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business BillionToOne, Inc. (the “Company”) 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 its proprietary technology to non-invasive prenatal screening (“Prenatal”) and liquid biopsy (“Oncology”).

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 7,454	$ (41,570)	$ (82,683)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	15,915	8,362	4,854
Depreciation and amortization	6,910	7,040	5,874
Amortization of debt discount costs and accretion of exit fees	0	341	540
Debt issuance costs on term loan expensed upon election of fair value option	0	453	0
Amortization of operating right-of-use assets	4,997	4,648	589
Loss on disposal of fixed assets	55	126	0
Change in fair value of common stock warrant liability	6,749	880	392
Change in fair value of redeemable convertible preferred stock warrant liability	615	84	48
Net gain on extinguishment of debt	0	(7,289)	0
Change in fair value of convertible notes	0	835	12,921
Change in fair value of term loan	3,953	1,481	0
Changes in operating assets and liabilities:
Accounts receivable	(16,908)	(15,619)	(2,588)
Inventories	(8,812)	(1,535)	(1,412)
Prepaid expenses and other current assets	(2,193)	(860)	2,232
Other non-current assets	(60)	(3,101)	491
Accounts payable	1,775	877	151
Accrued expenses and other current liabilities	2,578	697	733
Accrued commissions	1,156	905	387
Accrued compensation and employee benefits	4,132	5,859	737
Deferred revenue	672	(218)	3,024
Operating lease liabilities	(4,393)	(3,771)	38
Net cash provided by (used in) operating activities	24,595	(41,375)	(53,672)
Cash flows from investing activities:
Proceeds from maturities of certificates of deposit	0	0	90,000
Deposits paid for financing leases	0	(31)	(988)
Purchase of domain name	(41)	0	0
Purchases of property and equipment	(8,881)	(5,402)	(6,174)
Net cash provided by (used in) investing activities	(8,922)	(5,433)	82,838
Cash flows from financing activities:
Proceeds from issuance of Class A common stock in connection with the Company’s initial public offering, net of underwriting discounts and commissions	292,044	0	0
Payments of deferred offering costs	(4,612)		0
Proceeds from issuance of debt, net	0	49,775	15,000
Repayment of debt upon extinguishment	0	(35,000)	0
Payment of exit fee and prepayment payable upon debt extinguishment	0	(1,688)	0
Principal payments on finance lease liabilities	(1,777)	(2,376)	(2,090)
Repurchase of common stock outstanding	0	(546)	0
Payment of debt issuance costs on term loan		(228)	0
Proceeds from exercise of stock options, net of repurchases	3,094	1,084	444
Proceeds from exercise of common stock warrants	25	0	0
Proceeds from repayment of promissory notes by executives	51	0	51
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs	0	129,996	0
Net cash provided by financing activities	288,825	141,017	13,405
Net increase in cash and cash equivalents	304,498	94,209	42,571
Cash and cash equivalents at beginning of year	191,477	97,268	54,697
Cash and cash equivalents at end of year	495,975	191,477	97,268
Supplemental cash flow disclosure:
Cash payments for interest	4,651	3,915	2,584
Cash paid for income taxes	487	9	0
Supplemental non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock into shares of Class A common stock in connection with the Company’s initial public offering	419,409	0	0
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2,391	1,001	0
Issuance of Series C-1 redeemable convertible preferred stock upon settlement of convertible notes	0	39,886	0
Offering costs in accounts payable and accrued expenses and other current liabilities	504	0	0
Right-of-use assets obtained in exchange for new finance lease liabilities	0	395	2,795
Exercise of stock options for which cash has not been received	3	173	102
Settlement of common stock warrant liability	$ 845	$ 0	$ 0

Common Stock - Reserved for Future Issuance (Details)	Dec. 31, 2025 shares
Class of Stock [Line Items]
Total common stock reserved (in shares)	18,165,415
Common stock warrants
Class of Stock [Line Items]
Total common stock reserved (in shares)	121,566
Common Class B
Class of Stock [Line Items]
Total common stock reserved (in shares)	4,552,650
Options to purchase common stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	9,552,013
Restricted stock units outstanding
Class of Stock [Line Items]
Total common stock reserved (in shares)	33,332
Shares available for future issuance under the Employee Stock Purchase Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	548,880
Shares available for future grants
Class of Stock [Line Items]
Total common stock reserved (in shares)	3,356,974

- 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.

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+ Details

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Roll Forward]
Valuation allowance - beginning of period	$ 55,674	$ 45,555	$ 29,436
Additions/(reductions) recognized in income tax provision	(6,943)	10,119	16,119
Valuation allowance - end of period	$ 48,731	$ 55,674	$ 45,555

Related Party Transactions (Details) - shares	1 Months Ended			12 Months Ended
Related Party Transactions (Details) - shares	Jul. 31, 2024	Jun. 30, 2024	Feb. 29, 2024	Dec. 31, 2025
Related Party Transaction [Line Items]
Shares repurchased in period (in shares)	22,302	52,750		0
Related Party
Related Party Transaction [Line Items]
Shares repurchased in period (in shares)			26,750	0

- 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.

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43,626	$ 34,260
Less: Accumulated depreciation and amortization	(23,265)	(17,149)
Property and equipment, net	20,361	17,111
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,151	14,585
Equipment under finance leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,966	11,210
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,742	3,391
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,421	1,770
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,224	2,747
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	495	290
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	587	227
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 40	$ 40

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

Immediately prior to the closing of the Company's IPO, all of the 29,084,235 shares of the Company’s outstanding redeemable convertible preferred stock were automatically converted into 29,084,235 shares of common stock; in connection with the IPO, all shares of common stock underlying the redeemable convertible preferred stock were reclassified into an equivalent number of shares of the Company’s Class A common stock. Upon conversion, the redeemable convertible preferred stock was cancelled, retired, and eliminated from the shares of stock that the Company is authorized to issue and shall not be reissued by the Company. Accordingly, following the IPO and as of December 31, 2025, no shares of redeemable convertible preferred stock were outstanding.

As of December 31, 2024, and immediately prior to the conversion into common stock upon completion of the IPO, 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

The rights, preferences and privileges of the Company’s redeemable convertible preferred stock were as follows:

(i)Dividends

The holders of shares of redeemable convertible preferred stock shall be entitled to receive dividends prior and in preference to any declaration of dividends on common stock. Dividends are payable only when and if declared by the Company’s Board of Directors and are not cumulative. After dividends paid on redeemable convertible preferred stock, any dividends or distribution should be distributed to the holders of common and redeemable convertible preferred stock on an as-converted basis. No dividends have been declared or paid through December 31, 2025.

(ii)Liquidation Preference

In the event of liquidation as approved by the Board of Directors, dissolution, or winding up of the Company, the holders of Series D shall be entitled to receive out of the proceeds or assets of this corporation available for distribution to its stockholders, prior and in preference to any distribution of proceeds to the holders of common stock, an amount per share equal the sum of 1.2 times the original issue price of $28.0204, plus declared but unpaid dividends on such shares and (ii) the holders of each other series of redeemable convertible preferred stock shall be entitled to receive the assets of the Company available for distribution, prior and in preference to any distribution of proceeds to the holders of common stock, an amount per share equal to the sum of the applicable original issue price for such series of redeemable convertible preferred stock, plus declared but unpaid dividends on such share. If, upon occurrence of such event, the proceeds distributed among the holders of redeemable convertible preferred stock shall be insufficient to permit the payment to such holders of the full preferential amounts, then the entire proceeds available for distribution shall be distributed ratably among the holders of the redeemable convertible preferred stock in proportion to the full preferential amount.

(iii)Conversion

Each share of redeemable convertible preferred stock is convertible into common stock at any time after the issuance of the shares at the option of the holder (each share of 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 is convertible to Common Stock). The conversion rate is determined by dividing the original issue price (as adjusted for any recapitalization) by the conversion price. The original issue prices of 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 are $0.4001, $0.8002, $1.0003, $1.9409, $0.8725, $2.5879, $10.6130, $6.2429, $25.4937, $19.6143, and $28.0204, respectively. The initial conversion price per share for each series of redeemable convertible preferred stock shall be the original issue price applicable to such series (1:1 conversion ratio), however that conversion price shall be subject to adjustment. There have been no adjustments to the conversion price since original issuance.

Each share of redeemable convertible preferred stock shall automatically be converted into such shares of common stock at the conversion rate at the time in effect for such series redeemable convertible preferred stock at the closing of this corporation’s sale of its common stock in public offering, that results in at least $100,000,000 of gross proceeds; at this corporation’s initial listing of common stock on national securities exchange; in a Special Purpose Acquisition Company transaction, or the date or occurrence of an event specified by vote of redeemable convertible preferred stock (voting together as a single class and not as separate series, and on an as-converted basis).

(iv)Voting Rights

The holder of each share of redeemable convertible preferred stock shall have the right to one vote for each share of common stock into which such redeemable convertible preferred stock could then be converted.

Thus, the holders of redeemable convertible preferred stock shall have the same voting rights as the holders of common stock.

As long as at least 1,449,050 shares of Series A redeemable convertible preferred stock remain outstanding, the holders of such shares of Series A redeemable convertible preferred stock shall be entitled to elect two directors of the Company at any election of directors. As long as at least 1,225,790 shares of Series C redeemable convertible preferred stock remain outstanding, the holders of such shares of Series C redeemable convertible preferred stock shall be entitled to elect one director of the Company at any election of directors. As long as at least 1,164,058 shares of Series D redeemable convertible preferred stock remain outstanding, the holders of such shares of Series D redeemable convertible

preferred stock shall be entitled to elect one director of the Company at any election of directors. The holders of outstanding common stock shall be entitled to elect four directors of this Corporation at any election of directors.

(v)Redemption

The holders of redeemable convertible preferred stock have no voluntary rights to redeem shares. A liquidation, dissolution or winding up of the Company, a greater than 50% change in control, or a sale of substantially all of its assets would constitute a redemption event. Although the redeemable convertible preferred stock is not mandatorily or currently redeemable, given the shares are redeemable upon an event outside the Company’s control, all shares of redeemable convertible preferred stock have been presented outside of permanent equity on the balance sheets. The carrying values of redeemable convertible preferred stock have not been accreted to their redemption values as redemption events are not probable to occur.

Common Stock

In connection with the closing of its IPO, on November 7, 2025, the Company’s amended and restated Certificate of Incorporation was amended and as of December 31, 2025 the Company was authorized to issue 800,000,000 shares of Class A common stock, par value $0.00001 per share, and 10,000,000 shares of Class B common stock, par value $0.00001 per share. Total common stock outstanding as of December 31, 2025 was 41,252,105 shares of Class A common stock and 4,552,650 shares of Class B common stock. There were no shares of Class A common stock and no shares of Class B common stock authorized or outstanding as of December 31, 2024.

The holders of Class A common stock are entitled to vote on all corporate matters at a ratio of one vote per share together with the holders of Class B common stock. The holders of Class B common stock are entitled to

vote on all corporate matters at a ratio of 15 votes per share together with the holders of Class A common stock. The holders of Class A common stock and Class B 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. As of December 31, 2025, no dividends had been declared or paid.

All of the outstanding shares of the Company’s Class B common stock will convert automatically on a one-to-one basis into shares of the Company’s Class A common stock upon the earliest of (i) 7 years from the date of filing the Post-IPO Certificate of Incorporation, and (ii) the date specified by a vote of the holders of Class B common stock representing a majority of the outstanding shares of Class B common stock. In addition, each share of Class B common stock held by a Co-Founder and such Co-Founder's permitted transferees will automatically convert into one share of Class A common stock upon the earlier of (i) the date that is between 90 days and 270 days, as determined by the Board of Directors, after the death or incapacitation of such Co-Founder or (ii) the date that is between 61 and 180 days, as determined by the Board of Directors, after the date on which such Co-Founder is no longer serving as an officer or director of the Company.

The Company is required to reserve and keep available out of its authorized but unissued shares of Class A common stock such a number of shares sufficient to affect the conversion of all outstanding shares of common stock warrants, all outstanding shares of Class B common stock, options granted under the Company’s 2018 Stock Plan and 2025 Equity Incentive Plan, shares available for grant under the Company’s 2025 Equity Incentive Plan, restricted stock units outstanding and shares available for issuance under the Employee Stock Purchase Plan.

The amount of such shares of the Company’s Class A common stock reserved for these purposes at December 31, 2025, is as follows:


Common stock warrants			121,566
Outstanding shares of Class B common stock			4,552,650
Options to purchase common stock			9,552,013
Restricted stock units outstanding			33,332
Shares available for future issuance under the Employee Stock Purchase Plan			548,880
Shares available for future grants			3,356,974
Total Class A common stock reserved			18,165,415

Stock Plans

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.

In connection with the IPO, the Company adopted the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective in October 2025, although no awards could be granted under the 2025 Plan until the IPO date. 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. On the effective date of the 2025 Plan, the maximum number of shares of Class A common stock authorized for issuance was 3,297,972 shares of Class A common stock, plus up to 10,034,626 shares under the 2018 Plan that (i) remain available for issuance on the IPO date and (ii) that are outstanding on the IPO date and that are subsequently forfeited, expire, are reacquired by the Company or lapse unexercised, subject to annual adjustment on the first day of each fiscal year through January 1, 2035. The 2025 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 2025 Plan generally expire within 10 years from the date of grant

and are 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 fair value of the Class A common stock on the date of grant, as determined by the Board of Directors. As of December 31, 2025, the Company had authorized up to 3,390,306 shares of Class A common stock reserved for issuance under the 2025 Plan.

In further connection with the IPO, the Company adopted the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective in October 2025. As of December 31, 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.

Stock-based Compensation

The Company recognizes stock-based compensation expense for all stock-based payment awards based on the estimated fair value on the date of the grant. The Company recognizes the compensation cost on a straight-line basis over the requisite service period of the award. The fair value of stock options granted is estimated using the Black-Scholes Model utilizing the assumptions noted below:

•Fair value of common stock. Prior to the completion of the IPO, there was no public market for the Company's common stock. Accordingly, the fair value of the Company's common stock was determined by the Board of Directors. The Board of Directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock options at each meeting in which awards are approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third party valuations of the Company’s common stock; (ii) the prices, rights, preferences and privileges of the Company’s redeemable convertible preferred stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; and (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions. For awards granted subsequent to the IPO, fair value of the Company's common stock is based on the quoted market price on the grant date.

•Expected volatility. Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company does not have sufficient trading history of its common stock, it estimates the expected volatility of its stock options at their grant date by taking the weighted average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options.

•Expected term. Expected term represents the period over which the Company anticipates stock-based awards to be outstanding. The Company uses the simplified method to calculate the expected term estimate based on the options’ vesting term and contractual terms. Under the simplified method, the expected life is equal to the average of the stock-based award’s weighted average vesting period and its contractual term.

•Risk-free interest rate. The Company uses the average of the published interest rates of U.S. Treasury zero-coupon issues with terms consistent with the expected term of the awards for its risk-free interest rate.

•Expected dividends. The Company historically has not paid dividends on common stock and has no plans to issue dividends in the foreseeable future.

The weighted average assumptions used to calculate the fair value of option grants issued under the 2025 Plan and 2018 Plan during the years ended December 31, 2025, 2024 and 2023, respectively, were as follows:


	2025			2024			2023
Fair value of common stock	$	29.54		$	16.47		$	11.07
Dividend yield	-		%	-		%	-		%
Risk-free interest rate	4.1		%	4.1		%	4.0		%
Expected volatility	73		%	68		%	74		%
Expected term (in years)	6.21			6.01			5.99

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		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2025	6,849,412	$	7.28	7.5	$	73,992
Granted	3,640,368	22.85
Exercised	(551,145)	5.58
Forfeited or expired	(386,622)	15.84
Outstanding as of December 31, 2025	9,552,013	$	12.96	7.6	$	657,915
Vested and exercisable as of December 31, 2025	4,977,698	$	6.43	6.2	$	375,351
Vested and expected to vest as of December 31, 2025	9,552,013	$	12.96	7.6	$	657,915

The intrinsic value is calculated as the difference between the exercise price of the underlying stock option award and the estimated fair value of the Company’s common stock. The total intrinsic values of options exercised during the years ended December 31, 2025, 2024 and 2023 were $20.0 million, $4.7 million and $1.2 million, respectively.

During the year ended December 31, 2025, the weighted average grant-date fair value of options granted was $21.37 per share, and the fair value of options vested during the period was $13.8 million. During the year ended December 31, 2024, the weighted average grant-date fair value of options granted was $10.89 per share, and the fair value of options vested during the period was $7.2 million. During the year ended December 31, 2023, the weighted average grant-date fair value of options granted was $7.75 per share, and the fair value of options vested during the period was $4.4 million. The grant-date fair value is being expensed over the vesting period of the options, on a straight-line basis, as the services are being provided.

As of December 31, 2025 there was approximately $79.9 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over the weighted average period of 4.0 years. Also, in June 2025, the Board of Directors granted stock options of 1,003,102 shares to the Company’s CEO 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 options is June 11, 2025 and the stock options vest monthly over six years.

Restricted Stock Unit Activity

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


	Shares	Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2025	-	$	-
Issued	33,332	108.94
Vested	-	-
Forfeited	-	-
Nonvested as of December 31, 2025	33,332	$	108.94

As of December 31, 2025, there was approximately $3.4 million of total unrecognized compensation cost related to outstanding restricted stock units, which is expected to be recognized over the weighted average period of 2.8 years.

There was no restricted stock award activity during the year ended December 31, 2024.

Stock-Based Compensation Expense

The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cost of revenue	$	1,789	$	1,183	$	683
Research and development	3,951		2,341		1,450
Selling, general and administrative	10,175		4,838		2,721
Total stock-based compensation	$	15,915	$	8,362	$	4,854

Options Subject to Early Exercise

Subject to Board of Directors approval at the grant date per the 2018 Plan and the 2025 Plan, 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 repurchase right. Under the repurchase right, the Company may buy back any unvested shares at their original exercise price in the event of an employee’s termination prior to full vesting. If an option does not permit early exercise, then such option shall not be exercisable with respect to unvested shares. The consideration received for an exercise of an unvested option is considered to be a deposit of the exercise price and the related dollar amount is recorded as a liability. The liabilities are reclassified into equity as the awards vest. As of December 31, 2025 and 2024, the liability was $0.2 million and not material, respectively, and included in accrued expenses and other current liabilities on the accompanying balance sheets related to 4,950 and 521 shares of early-exercised common stock options, respectively. Early exercised stock options are legally issued and outstanding and are included in issued and outstanding common shares.

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 $0.4 million for the year ended December 31, 2024 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. For the year ended December 31, 2025, the Company did not acquire any shares of common stock, as such no additional stock-based compensation expense was recorded in the period.

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 the Company's former CFO. 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. For the year ended December 31, 2025, the Company did not repurchase any shares of common stock in a similar transaction, as such no additional stock-based compensation expense was recorded in the period.

Option Exercises Under Promissory Notes

In January 2019, the Company granted and approved the purchase of 700,000 restricted stock awards in aggregate at a price of $0.06 per share to two executives, and in exchange, the executives entered into full recourse promissory notes (the “Recourse Notes”) for the amount of the exercise price of the restricted shares. The loans are due seven years from the loan date, except in the case of termination, public filing event, or disposition of common stock acquired via these notes in which case the loan becomes due sooner. The Notes carry interest rates of 2.89%, compounded annually. The balance of the Recourse Notes may be prepaid in whole or in part, at any time without penalty. Each loan is secured by the shares exercised by the loans, in addition to any and all other assets of the borrower. The terms of the loan require the loans to be repaid prior to termination or public offering. In October 2025, the executives fully repaid the promissory notes, resulting in net proceeds to the Company of $51,000.

In June 2021, the Company granted and approved the purchase of option awards at a price of $2.80 per share to an executive, and in exchange, the executive entered into a full recourse promissory note for the amount of the exercise price of the restricted shares. The loan is due five years from the loan date, except in the case of termination, public filing event, or disposition of common stock acquired via these notes in which case the loan becomes due sooner. The Recourse Note bears interest of 1.00% per annum, compounded annually. The balance of the Note may be prepaid in whole or in part, at any time without penalty. Each loan is secured by the shares exercised by the loans, in addition to any and all other assets of the borrower. In November 2022, the executive partially repaid the promissory note, resulting in net proceeds to the Company of $62,000. In June 2023, the executive fully repaid the promissory note, resulting in net proceeds to the Company of $51,000.

The Recourse Notes issued were collateralized by the shares issued in exchange for the notes and were nonrecourse for accounting purposes, as the Company did not intend nor has a history of demanding repayment of loan amounts in excess of the fair value of the shares. As such, for accounting purposes the exercised awards continue to be treated as unexercised awards and are not reflected as outstanding in the financial statements until the notes are repaid and the underlying awards have vested.

Incremental stock-based compensation expense was not material.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements 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 December 31, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	359,813	$	-	$	-	$	359,813
Total assets	$	359,813	$	-	$	-	$	359,813
Liabilities:
Common stock warrants	$	-	$	9,282	$	-	$	9,282
Term loan	-		-		57,226		57,226
Total liabilities	$	-	$	9,282	$	57,226	$	66,508

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):


	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

Schedule of Fair Value Significant Assumptions

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


	December 31, 2025		December 31, 2024
Discount rate	7.10	%	9.37	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4.25		5.32
Expected term (years) – Scenario 2	5.60		6.69

The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of December 31, 2025, 2024 and 2023 is as follows:


				December 31,
	2025			2024			2023
Stock price	$	81.84		$	20.32		$	13.41
Exercise price	$2.80 - $10.92			$2.80 – $10.92			$2.80 – $10.92
Volatility	53.5		%	84.0		%	60.0		%
Expected term (years)	0.3			2.30			1.5
Risk-free rate	3.63		%	4.14		%	4.50		%
Dividend yield	-		%	-		%	-		%

The redeemable convertible preferred stock warrant liability was reclassified to equity upon the exercise of the underlying warrants; as such, the redeemable convertible preferred stock warrant liability fair value was determined as of the date of exercise, on November 14, 2025 (see Note 10). The fair value of the warrants on the date of exercise is equal to the intrinsic value, as the expected term is reduced to zero. The intrinsic value

was determined based on the closing price of the Company’s Class A common stock on the date of exercise of $90.00, less the exercise price of $2.59.

The significant assumptions used in preparing the option pricing model for valuing the redeemable convertible preferred stock warrant liability as of December 31, 2024 and 2023, respectively, are as follows:


	December 31,
	2024			2023
Stock price	$	25.83		$	17.45
Exercise price	$	2.59		$	2.59
Volatility	84.0		%	60.0		%
Expected term (years)	2.3			1.5
Risk-free rate	4.14		%	4.50		%
Dividend yield	-		%	-		%

The significant assumptions used in preparing the discounted cash flow for valuing the convertible notes as of immediately prior to 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 issuance date fair value of the warrants was determined using the option pricing model, with the following assumptions (in thousands, except percentages):


	2021 LSA			2022 LSA Amendment
Grant date	October 12, 2021			July 22, 2022
Dividend yield	0		%	0		%
Risk-free interest rate	1.59		%	2.77		%
Expected volatility	70		%	78		%
Expected term (in years)	10.00			10.00
Total grant date fair value	$	170		$	312

Schedule of Changes in the Fair Value Instruments

The following table presents 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		Convertible Notes		Term Loan
Balance at January 1, 2024	$	1,653	$	146	$	47,686	$	-
Additions	-		-		-		50,000
Adjustment to fair value	880		84		835		1,481
Gain on extinguishment	-		-		(8,635)		-
Settlements	-		-		(39,886)		-
Balance at December 31, 2024	2,533		230		-		51,481
Adjustment to fair value	-		-		-		5,745
Transfers from Level 3 to Level 2	(2,533)		(230)		-		-
Balance at December 31, 2025	$	-	$	-	$	-	$	57,226

Fair Value Measurements - Schedule of Fair Value Assumptions of New Term Loan (Details) - Term Loan	Dec. 31, 2025	Dec. 31, 2024
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0.0710	0.0937
Interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0.0800	0.0800
Expected term (years) – Scenario 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	4.25	5.32
Expected term (years) – Scenario 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	5.60	6.69

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 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	$	74.8
Q4 2025	$	82.8
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

The Company’s total indebtedness as of December 31, 2025 and 2024 is as follows (in thousands):


	December 31,
	2025		2024
Long-term debt	$	57,226	$	51,481


Long-term debt, net	57,226		51,481
Less: current portion	-		-
Long-term debt, noncurrent portion	$	57,226	$	51,481

Schedule of Fair Value of Warrants

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


	December 31, 2025		December 31, 2024
Discount rate	7.10	%	9.37	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4.25		5.32
Expected term (years) – Scenario 2	5.60		6.69

The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of December 31, 2025, 2024 and 2023 is as follows:


				December 31,
	2025			2024			2023
Stock price	$	81.84		$	20.32		$	13.41
Exercise price	$2.80 - $10.92			$2.80 – $10.92			$2.80 – $10.92
Volatility	53.5		%	84.0		%	60.0		%
Expected term (years)	0.3			2.30			1.5
Risk-free rate	3.63		%	4.14		%	4.50		%
Dividend yield	-		%	-		%	-		%

was determined based on the closing price of the Company’s Class A common stock on the date of exercise of $90.00, less the exercise price of $2.59.


	December 31,
	2024			2023
Stock price	$	25.83		$	17.45
Exercise price	$	2.59		$	2.59
Volatility	84.0		%	60.0		%
Expected term (years)	2.3			1.5
Risk-free rate	4.14		%	4.50		%
Dividend yield	-		%	-		%

The significant assumptions used in preparing the discounted cash flow for valuing the convertible notes as of immediately prior to 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 issuance date fair value of the warrants was determined using the option pricing model, with the following assumptions (in thousands, except percentages):


	2021 LSA			2022 LSA Amendment
Grant date	October 12, 2021			July 22, 2022
Dividend yield	0		%	0		%
Risk-free interest rate	1.59		%	2.77		%
Expected volatility	70		%	78		%
Expected term (in years)	10.00			10.00
Total grant date fair value	$	170		$	312

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Summary of Significant Accounting Policies - Schedule of Property and Equipment Net (Details)	Dec. 31, 2025
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	2025		2024		2023
Current:
Federal	$	92	$	-	$	-
State	213		29		9
	305		29		9
Deferred:
Federal	-		-		-
State	-		-		-
	-		-		-
Total provision for income taxes	$	305	$	29	$	9

Schedule of Deferred Tax Assets and Liabilities

Significant

components of the Company’s deferred tax assets as of December 31, 2025 and 2024 are as follows (in thousands):


	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	34,636	$	36,725
Capitalized R&D expenditure	6,059		11,477
Accruals and reserves	3,061		2,322
R&D credits	4,817		3,768
Lease liability	12,108		13,126
Stock-based compensation	1,397		859
Other	-		21
Total deferred tax asset	62,078		68,298
Deferred tax liabilities:
Depreciation and amortization	(2,207)		(320)
Right of use asset	(11,140)		(12,304)
Total deferred tax liabilities	(13,347)		(12,624)
Less: valuation allowance	(48,731)		(55,674)
Net deferred tax assets	$	-	$	-

Schedule of Valuation Allowance

The changes in the valuation allowance for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	2025		2024		2023
Valuation allowance - beginning of period	$	55,674	$	45,555	$	29,436
Additions/(reductions) recognized in income tax provision	(6,943)		10,119		16,119
Valuation allowance - end of period	$	48,731	$	55,674	$	45,555

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the income tax expense computed at the statutory federal rate and the Company’s income tax expense for the year ended December 31, 2025 (in thousands, except percentages):


	2025
Tax at the federal statutory rate	$	1,630	21	%
Domestic federal
Nontaxable or nondeductible items
Meals	963		12	%
Stock-based compensation	2,582		33	%
Change in fair value of term loan	2,376		31	%
Other	147		2	%

Research and development credits	(1,689)		(22)	%
Changes in tax laws or rates enacted in the current period	-		-	%
Change in valuation allowance	(6,464)		(83)	%
Foreign tax effects	-		-	%
State and local income taxes, net of federal benefits	169		2	%
Change in unrecognized tax benefit	591		8	%
Total provision for income taxes	$	305	4	%

The following table presents a reconciliation of the income tax expense computed at the statutory federal rate and the Company’s income tax expense for the years ended December 31, 2024 and 2023 (in thousands):


	2024		2023
Tax at the federal statutory rate	$	(8,725)	$	(17,250)
Other nondeductible items	792		550
Stock-based compensation	1,359		832
Research and development credits	(994)		(796)
Change in valuation allowance	10,119		16,058
State taxes, net of federal benefits	(1,443)		(2,113)
Debt extinguishment gain or loss	(1,814)		-
Change in fair value of term loan	689		2,749
Other	46		(21)
Total provision for income taxes	$	29	$	9

Schedule of Income Taxes Paid

Below are the Company's income taxes paid (net of tax refund) during the year ended December 31, 2025 (in thousands):


	2025
US Federal	$	240
US State and Local
Illinois	80
Minnesota	34
Other	133
Total US State and Local	247
Total taxes paid	$	487

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):


	2025		2024
Unrecognized tax benefits - beginning of period	$	2,184	$	1,410
Increases related to current year’s tax positions	984		774

Unrecognized tax benefits - end of period	$	3,168	$	2,184

Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved

The amount of such shares of the Company’s Class A common stock reserved for these purposes at December 31, 2025, is as follows:


Common stock warrants			121,566
Outstanding shares of Class B common stock			4,552,650
Options to purchase common stock			9,552,013
Restricted stock units outstanding			33,332
Shares available for future issuance under the Employee Stock Purchase Plan			548,880
Shares available for future grants			3,356,974
Total Class A common stock reserved			18,165,415

Schedule of Stock Options Valuation Assumptions


	2025			2024			2023
Fair value of common stock	$	29.54		$	16.47		$	11.07
Dividend yield	-		%	-		%	-		%
Risk-free interest rate	4.1		%	4.1		%	4.0		%
Expected volatility	73		%	68		%	74		%
Expected term (in years)	6.21			6.01			5.99

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		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2025	6,849,412	$	7.28	7.5	$	73,992
Granted	3,640,368	22.85
Exercised	(551,145)	5.58
Forfeited or expired	(386,622)	15.84
Outstanding as of December 31, 2025	9,552,013	$	12.96	7.6	$	657,915
Vested and exercisable as of December 31, 2025	4,977,698	$	6.43	6.2	$	375,351
Vested and expected to vest as of December 31, 2025	9,552,013	$	12.96	7.6	$	657,915

Schedule of Restricted Stock Unit Activity

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


	Shares	Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2025	-	$	-
Issued	33,332	108.94
Vested	-	-
Forfeited	-	-
Nonvested as of December 31, 2025	33,332	$	108.94

Schedule of Stock-Based Compensation Expense

The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cost of revenue	$	1,789	$	1,183	$	683
Research and development	3,951		2,341		1,450
Selling, general and administrative	10,175		4,838		2,721
Total stock-based compensation	$	15,915	$	8,362	$	4,854

Net Income (Loss) Per Share Attributable to Shareholders - Schedule of Potentially Dilutive Securities Excluded From Computation (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Redeemable convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	24,658,373	29,084,235	22,701,179
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	6,849,412	6,193,236
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	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	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	9,660
Unvested early-exercised options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	4,950	521	0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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. Accordingly, in 2023, the financial statements were consolidated while in 2024 and 2025 they were not. All intercompany transactions and balances have been eliminated upon consolidation.

Initial Public Offering

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 $286.9 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 (such conversion, the “Reclassification”). Following the Reclassification, and immediately prior to the closing of the IPO, 2,227,542 shares of Class A common stock held by Oguzhan Atay, the Company's Chief Executive Officer and Co-Founder, and 2,325,108 shares of Class A common stock held by David Tsao, the Company's Chief Technology Officer and Co-Founder, were exchanged at a 1:1 ratio for shares of Class B common stock.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make 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: 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, and valuation of debt, convertible notes and common stock warrants. These estimates are inherently subject to judgment and actual results could differ from those estimates.

Emerging Growth Company

The Company is an emerging growth company, as defined by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies may delay adopting new or revised accounting standards that have different effective dates to public and private companies until the earlier of the date that (i) the Company is no longer an emerging growth company or (ii) the Company affirmatively and irrevocably opts out of the extended transition period as permitted in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company expects to avail itself of the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company.

Liquidity

Prior to the completion of its IPO, the Company’s available liquidity and operations had been financed primarily through the issuance of convertible notes, redeemable convertible preferred stock, debt and sale of the Company's products. The Company has generated significant losses from operations and negative cash flows from operating activities in the past as reflected in its accumulated deficit of $274.7 million and $282.2 million as of December 31, 2025 and 2024, respectively, though the Company did generate income from operations and positive cash flows from operating activities during the year ended December 31, 2025. For the year ended December 31, 2025, $24.6 million in cash was provided by operating activities, compared to $41.4 million used in operating activities for the year ended December 31, 2024. The Company continues to invest in the development and commercialization of its existing and future products and, consequently, will need to generate additional revenues to achieve future profitability and may need to raise additional equity or debt financing. The Company believes its existing cash and cash equivalent balances and cash generated from sales will be sufficient to meet its cash needs for at least the next 12 months.

These financial statements were prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business, and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

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.

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of all highly liquid investments deposited with banks, including money market funds. The money market funds are managed in accordance with regulatory requirements applicable to money market funds, including restrictions on the maturity of the underlying investments. These investments are considered highly liquid and readily convertible to cash.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are generally held with large financial institutions. Certain deposits held with these financial institutions are in excess of the amount of FDIC insured limits provided on such deposits.

As of December 31, 2025, 2024 and 2023, no customers represented more than 10% of accounts receivable, and for the years ended December 31, 2025, 2024 and 2023, no customers represented more than 10% of the Company’s revenue.

Fair Value of Financial Instruments

The Company records all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Other financial instruments, including cash and cash equivalents, are recorded at cost, which approximates fair value. Additionally, the carrying amounts of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short-term nature.

The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:


Level 1 input			Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 input			Inputs other than the quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.

Level 3 input			Unobservable inputs for the assets or liabilities. Unobservable inputs shall be used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Reclassifications of financial instruments between levels of the fair value hierarchy are reported as transfers in or out as of the beginning of the period in which the reclassifications occur.

The Company's cash and cash equivalents include money market funds which are quoted in an active market and classified within Level 1 of the fair value hierarchy, which are measured at fair value based on the closing price as of the reporting date. The Company measures certain of its liabilities at fair value on a recurring basis, including warrants, due to their terms, and certain debt agreements where the Company has elected the fair value option. Any changes in fair value caused by instrument-specific credit risk are presented separately in other comprehensive loss. See Note 3 for further details.

During the year ended December 31, 2025, there was a change in the fair value of the term loan where the Company elected the fair value option that related to changes in credit risk. During the years ended December 31, 2024 and 2023, there was no change in the fair value of debt agreements where the Company elected the fair value option that related to changes in credit risk.

Accounts Receivable and Allowances

The Company regularly assesses the collectability of accounts and reviews the allowance by considering factors such as historical experience, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Based on this assessment for credit losses the Company determined an allowance for credit losses was not needed given the payors from whom such receivables are collectible and the relatively short duration over which the majority of receivables are collected.

There was no allowance for credit losses as of December 31, 2025, 2024 and 2023. Account balances are written off against the allowance after all means of collection have been exhausted without success. During the years ended December 31, 2025, 2024 and 2023, there were no write-offs of accounts receivable.

Inventories

Inventories consist primarily of supplies for prenatal testing, consumables and lab supplies (including reagents) which are stated at the lower-of-cost or net realizable value. The supplies are consumed at the point samples are collected, and as the Company performs its testing service and accordingly, the Company does not maintain any work-in-process or finished goods inventory. The cost of inventory is determined on an average cost method. Inventory that is obsolete or in excess of forecasted demand is written down to its estimated net realizable value. The Company periodically reviews its inventory and writes off inventory that are determined to

be obsolete based on market factors, utilization rates and product expiration dates. Inventory write-downs are recognized as cost of revenue in the accompanying statements of operations and comprehensive income (loss). During the years ended December 31, 2025, 2024 and 2023, inventory write-downs totaled approximately $0.3 million, $0.1 million and $0.1 million, respectively, and were related to expired and unusable inventory.

Property and Equipment, Net

Property and equipment, net is stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets which are as follows:


Machinery and equipment			5 years
Furniture and fixtures			5 years
Automobiles			5 years
Computer hardware			3 years
Computer software			3 years
Leasehold improvements			Shorter of 10 years or remaining lease term

Maintenance and repairs are charged to expenses as incurred.

The Company entered into finance leases for certain lab equipment. The Company records amortization of assets leased in connection with finance lease arrangements as depreciation expense.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets for indicators of possible impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. There were no such impairment losses during the years ended December 31, 2025, 2024 and 2023.

Leases

The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use.

If the Company determines a lease exists, the Company then determines whether the lease should be classified as an operating or finance lease. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. Operating leases consist of the Company’s real estate facilities and finance leases consist of the Company’s lab equipment.

At the lease commencement date, the Company records a right-of-use (“ROU”) asset and a lease liability for all leases, except for short-term leases with an original term of 12 months or less, whereby the Company has elected a practical expedient not to recognize an ROU asset or lease liability for short term leases.

ROU assets are measured based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. All ROU assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. Lease liabilities are recognized at the lease inception date based on the present value of lease

payments over the lease term discounted based on the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate (which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease). Because the Company’s leases generally do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available such as credit rating, lease term and collateral at lease commencement date for borrowings with a similar term.

Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease expense for finance leases consists of the depreciation recognized on a straight-line basis over the lease term and interest expense on the lease liability based on the discount rate at lease commencement.

The Company does not assume renewals or early terminations unless it is reasonably certain the Company will exercise these options at commencement. The Company elected the practical expedient which allows the Company to not allocate consideration between lease and non-lease components. Variable lease payments are recognized in the period in which the obligation for those payments are incurred.

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, the patient, or a combination upon delivery of test results.

The Company enters into contracts with third-party payors, including insurance carriers, Medicaid and Medicare, 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 ("J&J") 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 J&J 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 J&J for the development and commercialization of a companion diagnostic (CDx), intended for use with a new drug candidate of J&J. 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 receives payment 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 each of 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 December 31, 2025, the Company’s remaining performance obligations beyond one year were approximately $3.3 million.

Disaggregation of revenue

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Prenatal	$	277,105	$	145,901	$	68,803
Oncology	24,953		2,944		-
Clinical trial support and other services	3,054		3,737		2,926
Total revenue	$	305,112	$	152,582	$	71,729

Substantially all revenue recognized for the years ended December 31, 2025, 2024 and 2023 was generated in the United States.

Revenue related to performance obligations satisfied in prior periods

For the years ended December 31, 2025, 2024 and 2023, the Company recorded $8.7 million, $11.0 million and $2.7 million, respectively, as revenue related to performance obligations satisfied in prior periods.

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 December 31, 2025, 2024 and 2023, the deferred revenue balance was $3.5 million, $2.8 million and $3.0 million, respectively. As of December 31, 2025, $1.3 million of the deferred revenue balance was classified as non-current and $2.2 million was classified as current. All deferred revenue as of December 31, 2024 and 2023 was classified as current. For the years ended December 31, 2025 and 2024, revenue recognized from deferred revenue at the beginning of the period was $2.1 million and $3.0 million, respectively. No revenue was recognized from deferred revenue at the beginning of the period during the year December 31, 2023.

Cost of Revenue

The Company’s cost of revenue consists primarily of expenses related to reagents and consumables, test kits, personnel-related expenses such as salaries, stock-based compensation expense and related benefits for its operations and support personnel, shipping costs, overhead allocations, depreciation expense, facilities-related expenses and other services used in connection with delivering the Company’s services.

Advertising Costs

Advertising costs are expensed as incurred. These amounts are included in selling, general and administrative expense in the statements of operations and comprehensive income (loss) and amounted to approximately $1.2 million, $1.3 million and $0.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Research and Development

Research and development expenses consist primarily of personnel-related expenses such as salaries, stock-based compensation expense and related benefits for the Company’s product development employees. Research and development expenses also include non-personnel costs such as materials and consumables used for research, clinical third-party services and consulting expenses, and an allocation of the Company’s general overhead expenses. These costs are expensed in the period as incurred.

Selling, General and Administrative

Selling, general and administrative expenses consist primarily of personnel-related expenses such as salaries, stock-based compensation expense and related benefits for the Company’s sales, marketing, and general and administrative employees. Selling, general and administrative expenses also include the Company’s commission payments, marketing related expenses in promoting the Company’s brand and tests, and training costs for the sales employees. All selling, general and administrative costs are expensed in the period as incurred.

Income Taxes

Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided on deferred tax assets when it is more-likely-than-not that some portion or all of the net deferred tax assets will not be realized. The Company evaluates uncertain tax positions taken or expected to be taken in the course of preparing its tax return to determine whether the tax positions are more-likely-than-not of being sustained upon challenge by the applicable tax authority based on the technical merits of the position. The Company recognizes the effect of income tax positions only if those positions are more-likely-than-not of being sustained. Recognized income tax positions

are measured at the largest amount that is greater than a 50% likelihood of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties related to income tax matters in provision for income taxes.

Comprehensive Income (Loss)

The components of comprehensive loss consist of net income (loss) and changes in fair value due to instrument-specific credit risk on the term loan. During the years ended December 31, 2024 and 2023, the Company did not have any other comprehensive income (loss) and, therefore, the net income (loss) and comprehensive (income) loss was the same.

Redeemable Convertible Preferred Stock

The Company records shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, redemption is contingent upon the occurrence of certain events considered not solely within the Company’s control. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it is uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a deemed liquidation event will occur. In connection with the IPO, the redeemable convertible preferred stock was automatically converted into shares of Class A common stock. See Note 11 for further information.

Redeemable Convertible Preferred Stock Warrants

Freestanding warrants to purchase shares of redeemable convertible preferred stock are classified as liabilities on the balance sheets at their estimated fair value because the underlying shares of redeemable convertible preferred stock are contingently redeemable and, therefore, may obligate the Company to transfer assets at some point in the future. Warrants to purchase shares of redeemable convertible preferred stock are recorded at fair value upon issuance and remeasured to fair value. Redeemable convertible preferred stock warrants are subject to re-measurement at each balance sheet date, and any change in fair value is recognized as other expense, net in the statements of operations and comprehensive income (loss). See Note 3 for further information. In connection with the IPO, the redeemable convertible preferred stock warrants were automatically converted to common stock warrants and subsequently exercised into Class A common stock. See Note 11 for further information.

Common Stock Warrants

Certain freestanding warrants to purchase shares of common stock are classified as liabilities on the balance sheets at their estimated fair value as the warrants allow the holders to put the warrants to the Company, in certain circumstances, in exchange for a cash payment. Those puttable warrants to purchase shares of common stock are recorded at fair value upon issuance and remeasured to fair value. Common stock warrants are subject to re-measurement at each balance sheet date and any change in fair value is recognized as other expense, net in the statements of operations and comprehensive income (loss) (See Note 3).

Stock-Based Compensation

The Company measures stock-based compensation expense for all stock-based payment awards based on the estimated fair value of the awards on the date of grant. The fair value of each stock option granted is estimated using the Black-Scholes-Merton option valuation model (the “Black-Scholes Model”). The model requires the Company to make assumptions and judgments about the variable inputs used in the Black-Scholes Model, including expected term, the volatility of the Company’s common stock, and assumed risk-free interest rate. Stock-based compensation is recognized net of actual forfeitures on a straight-line basis over the requisite service period of the awards. The Company accounts for forfeitures as they occur.

The Company has granted awards to employees that vest based on continued service (service conditions). Stock-based compensation expense is recognized on a straight-line basis over the service period.

The Company grants restricted stock units (“RSUs”) to employees and directors as part of its equity incentive plans. RSUs represent the right to receive shares of the Company’s Class A common stock upon vesting. The grant-date fair value of RSUs is measured based on the closing price of the Company’s Class A common stock on the date of grant and is recognized as stock-based compensation expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur.

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting, and other fees and costs relating to the Company’s IPO are capitalized within other non-current assets on the balance sheets. The deferred offering costs were offset against the proceeds received by the Company upon the closing of the IPO. At the closing of the IPO, $5.1 million of deferred offering costs were reclassified to additional paid-in capital within stockholders’ deficit and $0.5 million of IPO costs are accrued for and remain unpaid as of December 31, 2025.

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 services delivered to patients, the Company's primary customers; both the prenatal and oncology testing products utilize the Company's proprietary molecular diagnostic technology platform. 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 and comprehensive income (loss).

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted this ASU for its year ended December 31, 2025 and included the expanded income-tax related disclosures. See Note 12 for further information.

Recently Issued Accounting Pronouncements Not Yet Adopted

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 and related 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 underlying 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.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 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):


	December 31,
	2025		2024
Accrued professional services	$	2,591	$	898
Accrued inventory purchases	995		443
Accrued fixed asset purchases	1,006		798
Accrued property and other taxes	188		443
Accrued information technology purchases	462		250
Accrued legal expenses	968		191
Accrued phlebotomy expenses	200		171
Accrued insurance expenses	-		159
Accrued rent	174		160
Accrued clinical expenses	35		98
Other	628		271
Accrued expenses and other current liabilities	$	7,247	$	3,882

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 305,112	$ 152,582	$ 71,729
Prenatal
Disaggregation of Revenue [Line Items]
Revenue	277,105	145,901	68,803
Oncology
Disaggregation of Revenue [Line Items]
Revenue	24,953	2,944	0
Clinical trial support and other services
Disaggregation of Revenue [Line Items]
Revenue	$ 3,054	$ 3,737	$ 2,926

- 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.

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+ Details

Fair Value Measurements - Schedule of Fair Value Assumptions of Convertible Notes (Details) - Convertible Notes $ in Thousands	May 15, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Principal outstanding	$ 30,000
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0.0546
Interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0.0800

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment Net

Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets which are as follows:


Machinery and equipment			5 years
Furniture and fixtures			5 years
Automobiles			5 years
Computer hardware			3 years
Computer software			3 years
Leasehold improvements			Shorter of 10 years or remaining lease term

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Machinery and equipment	$	29,151	$	14,585
Equipment under finance leases	4,966		11,210
Furniture and fixtures	3,742		3,391
Computer hardware	2,421		1,770
Construction in progress	2,224		2,747
Leasehold improvements	495		290
Computer software	587		227
Automobiles	40		40
Property and equipment, gross	43,626		34,260
Less: Accumulated depreciation and amortization	(23,265)		(17,149)
Property and equipment, net	$	20,361	$	17,111

Schedule of Disaggregation of Revenue

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Prenatal	$	277,105	$	145,901	$	68,803
Oncology	24,953		2,944		-
Clinical trial support and other services	3,054		3,737		2,926
Total revenue	$	305,112	$	152,582	$	71,729

Common Stock - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended										12 Months Ended
	Oct. 31, 2025 USD ($) shares	Jun. 30, 2025 $ / shares shares	Jul. 31, 2024 $ / shares shares	Jun. 30, 2024 $ / shares shares	Feb. 29, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Nov. 30, 2022 USD ($)	Jun. 30, 2021 $ / shares	Jan. 31, 2019 executive $ / shares shares	Dec. 31, 2018	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Nov. 07, 2025 shares
Class of Stock [Line Items]
Common stock, number of votes per share \| vote											1
Dividends declared or paid \| $											$ 0
Total common stock reserved (in shares)											18,165,415
Intrinsic values of options exercised \| $											$ 20,000	$ 4,700	$ 1,200
Granted (in dollars per share) \| $ / shares											$ 21.37	$ 10.89	$ 7.75
Fair value vested \| $											$ 13,800	$ 7,200	$ 4,400
Total unrecognized compensation cost \| $											$ 79,900
Granted (in shares)											3,640,368
Granted (in dollars per share) \| $ / shares											$ 22.85
Issuance of common stock upon exercise of stock options (in shares)											551,145
Shares repurchased in period (in shares)			22,302	52,750							0
Repurchase price (in dollars per share) \| $ / shares			$ 22.42	$ 22.42
Stock-based compensation expense related to the sale of stock \| $												400
Total stock-based compensation \| $											$ 15,915	8,362	$ 4,854
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Recognition period for unrecognized compensation cost											2 years 9 months 18 days
Unrecognized compensation cost \| $											$ 3,400
Employee Stock Option
Class of Stock [Line Items]
Vesting period		6 years
Recognition period for unrecognized compensation cost											4 years
Share-Based Payment Arrangement, Early Exercise Options
Class of Stock [Line Items]
Share-based compensation liability \| $											$ 200	$ 0
Issuance of common stock upon exercise of stock options (in shares)											4,950	521
Related Party
Class of Stock [Line Items]
Granted (in dollars per share) \| $ / shares		$ 20.04
Shares repurchased in period (in shares)					26,750						0
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						$ 0
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
Executive Officer
Class of Stock [Line Items]
Number of executives \| executive									2
Promissory notes receivable, term								5 years	7 years
Interest rate (as a percent)								0.0100	0.0289
Net proceeds from promissory notes \| $	$ 51,000					$ 51,000	$ 62,000
Executive Officer \| Employee Stock Option
Class of Stock [Line Items]
Aggregate price (in dollars per share) \| $ / shares								$ 2.80
Executive Officer \| Restricted stock
Class of Stock [Line Items]
Grants (in shares)									700,000
Aggregate price (in dollars per share) \| $ / shares									$ 0.06
The 2018 Plan \| Employee Stock Option
Class of Stock [Line Items]
Expiration period										10 years
Purchase price of common stock, percent of market price										100.00%
The 2018 Plan \| Share-Based Payment Arrangement, Tranche One \| Employee Stock Option
Class of Stock [Line Items]
Vesting percentage										25.00%
The 2018 Plan \| Share-Based Payment Arrangement, Tranche Two \| Employee Stock Option
Class of Stock [Line Items]
Vesting percentage										75.00%
Vesting period											36 months
The 2025 ESPP
Class of Stock [Line Items]
Common stock authorized (in shares)											3,390,306
The 2025 ESPP \| Employee Stock Option
Class of Stock [Line Items]
Expiration period	10 years
The 2025 ESPP \| Share-Based Payment Arrangement, Tranche One \| Employee Stock Option
Class of Stock [Line Items]
Vesting percentage	25.00%
The 2025 ESPP \| Share-Based Payment Arrangement, Tranche Two \| Employee Stock Option
Class of Stock [Line Items]
Vesting percentage	75.00%
Vesting period	36 months
Common Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)											800,000,000
Common stock, par value (in dollars per share) \| $ / shares											$ 0.00001
Common stock, outstanding (in shares)											41,252,105	0
Common stock, number of votes per share \| vote											1
Conversion ratio, number of shares convertible per share (in shares)														1
Common Class A \| Employee stock
Class of Stock [Line Items]
Purchase price of common stock, percent of market price											85.00%
Common stock authorized (in shares)											548,880
Total common stock reserved (in shares)											8,400,000
Number of shares authorized, per participant (in shares)											7,500
Common Class A \| The 2018 Plan
Class of Stock [Line Items]
Common stock, authorized (in shares)	10,034,626
Common Class A \| The 2025 ESPP
Class of Stock [Line Items]
Common stock, authorized (in shares)	3,297,972
Common Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)											10,000,000
Common stock, par value (in dollars per share) \| $ / shares											$ 0.00001
Common stock, outstanding (in shares)											4,552,650	0
Common stock, number of votes per share \| vote											15
Conversion ratio, number of shares convertible per share (in shares)														1
Common stock, convertible, term											7 years
Total common stock reserved (in shares)											4,552,650
Common Class B \| Minimum
Class of Stock [Line Items]
Common stock, convertible, death or incapacitation term											90 days
Common stock, convertible, non-active board member term											61 days
Common Class B \| Maximum
Class of Stock [Line Items]
Common stock, convertible, death or incapacitation term											270 days
Common stock, convertible, non-active board member term											180 days

Common Stock - Restricted Stock Unit (Details)	12 Months Ended
Common Stock - Restricted Stock Unit (Details)	Dec. 31, 2025 $ / shares shares
Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2025 (in dollars per share) \| $ / shares	$ 0
Issued (in dollars per share) \| $ / shares	108.94
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Nonvested as of December 31, 2025 (in dollars per share) \| $ / shares	$ 108.94
Restricted Stock Units (RSUs)
Shares
Nonvested as of January 1, 2025 (in shares) \| shares	0
Issued (in shares) \| shares	33,332
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Nonvested as of December 31, 2025 (in shares) \| shares	33,332

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In March 2026, the Company entered into an amendment to its clinical trial agreement with J&J, to extend the study until six months after J&J receives the final performance study. The amendment provides for continued performance of clinical trial services under substantially similar terms. No material upfront payments were made in connection with the amendment.

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 07, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Sale of stock price per share (in usd per share) \| $ / shares	$ 60.00
Accumulated deficit		$ 274,747	$ 282,201
Net cash provided by (used in) operating activities		24,595	(41,375)	$ (53,672)
Change in fair value of debt agreements			0	0
Allowance for credit losses		0	0	0
Allowance for credit losses writeoff		0	0	0
Inventory write-down		300	100	100
Impairment of intangible assets, finite-lived		0	0	0
Revenue related to performance obligations satisfied in prior periods		8,700	11,000	2,700
Deferred revenue balance		3,500	2,800	3,000
Deferred revenue, non-current		1,290	0
Deferred revenue, current		2,188	2,806
Deferred revenue recognized		2,100	3,000	0
Advertising expense		1,200	$ 1,300	$ 400
Deferred offering costs	$ 5,100	$ 500
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Subsidiary, Sale of Stock [Line Items]
Remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Subsidiary, Sale of Stock [Line Items]
Remaining performance obligation, expected timing of satisfaction, period		1 year
Remaining performance obligations		$ 3,300
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares	5,233,765
Gross proceeds from sale of stock	$ 314,000
Net proceeds from sale of stock	$ 286,900
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares	682,665
Common Class A
Subsidiary, Sale of Stock [Line Items]
Conversion ratio, number of shares convertible per share (in shares) \| shares	1
Common Class A \| IPO
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) \| shares	29,084,235
Common Class B
Subsidiary, Sale of Stock [Line Items]
Conversion ratio, number of shares convertible per share (in shares) \| shares	1
Common Class B \| Chief Executive Officer
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) \| shares	2,227,542
Common Class B \| Executive Officer
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) \| shares	2,325,108

Common Stock - Valuation Assumptions (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 29.54	$ 16.47	$ 11.07
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.10%	4.10%	4.00%
Expected volatility	73.00%	68.00%	74.00%
Expected term (in years)	6 years 2 months 15 days	6 years 3 days	5 years 11 months 26 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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-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued professional services	$ 2,591	$ 898
Accrued inventory purchases	995	443
Accrued fixed asset purchases	1,006	798
Accrued property and other taxes	188	443
Accrued information technology purchases	462	250
Accrued legal expenses	968	191
Accrued phlebotomy expenses	200	171
Accrued insurance expenses	0	159
Accrued rent	174	160
Accrued clinical expenses	35	98
Other	628	271
Accrued expenses and other current liabilities	$ 7,247	$ 3,882

Convertible Notes

12 Months Ended

Dec. 31, 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.

Due to the presence of certain embedded derivatives within the Notes, the Company elected to account for the Notes using the fair value option and changes in fair value related to the Notes are recorded in other expense, net in the Company’s statements of operations and comprehensive income (loss). Changes in fair value attributable to credit risk were immaterial to the financial statements through their conversion date. Inputs for fair value were determined by evaluating the probability of various conversion scenarios and applicable market interest rates.

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 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).

The Notes were subordinated in right of payment to all indebtedness between the Company and Western Alliance Bank (“WAB”). The Note Holders agreed, that as long as any debt remains outstanding with WAB or WAB has obligations to make additional credit extensions to the Company, the Note Holders would not have received any payment other than a conversion of the Notes into equity securities, unless otherwise agreed by WAB in writing. The priority to WAB excluded payments in cash, including interest, but did not preclude conversion of the Notes and related interest in shares. As the Note was extinguished during 2024, no payments of cash were made to the Note Holders in principal or interest for the Notes.

Long-term Debt

Oberland Note Purchase Agreement

In August 2024, the Company entered into a note purchase agreement (as amended from time to time, 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, revenue participation payments, and a lump sum payment due on August 5, 2031 consisting of outstanding principal plus an amount that results in a 10% internal rate of return over the seven year term of the loan.

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 was 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 principal amount of $30.0 million prior to March 31, 2026 as the Company has achieved the thresholds triggering this tranche during the year ended December 31, 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 $50.0 million tranche.

The fourth tranche of up to $25.0 million in principal is available at the mutual agreement of the Company and Oberland Capital 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”) for the purchasers of 12.25%; (4) if the payment is made within 60 months of issuance, an amount that would generate an IRR for the purchasers of 11.75%; (5) if the payment is made thereafter but before maturity, an amount that would generate an IRR for the purchasers of 11.25%; and (6) if the payment is made at maturity, an amount that would generate an IRR for the purchasers of 10.0%.

Under the terms of the 2024 Notes, on the last day of each fiscal quarter commencing with the fiscal quarter ended March 31, 2025, excluding any fiscal quarter with respect to which the Company’s aggregate cash and cash equivalents is greater than 1.1 times the aggregate principal amount of the 2024 Notes issued (the “Liquidity Condition”) at all times during such fiscal quarter, the Company is required to achieve minimum thresholds for both trailing six month revenues and trailing six month gross margin. If the Liquidity Condition is not satisfied, the Company is required to have trailing six-month Net Revenue of not less than the amount shown for each applicable period in the table below, as well as a trailing six-month Gross Margin of not less than 30%, each as defined in the 2024 Notes. The Company was in compliance with all material financial covenants as of December 31, 2025.


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2025	$	56.1
Q2 2025	$	65.6
Q3 2025	$	74.8
Q4 2025	$	82.8
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

The agreement also contains a revenue participation provision, 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 outstanding will be payable to Oberland Capital. Amounts paid under the revenue participation agreement during the years ended December 31, 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 IRR measurements described above. Beginning with the fiscal year beginning January 1, 2025, the Company was required to make revenue participation payments under the agreement. As of December 31, 2025, the Company has 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). Changes in fair value caused by instrument-specific credit risk are presented separately in other comprehensive income (loss). The Company also elected to present interest incurred on the 2024 Notes in the change in fair value of term loan; interest expense under the Oberland Capital arrangement was $4.1 million and $1.6 million for the years ended December 31, 2025 and 2024, respectively.

The Company’s total indebtedness as of December 31, 2025 and 2024 is as follows (in thousands):


	December 31,
	2025		2024
Long-term debt	$	57,226	$	51,481


Long-term debt, net	57,226		51,481
Less: current portion	-		-
Long-term debt, noncurrent portion	$	57,226	$	51,481

Future principal payments of the Company’s long-term debt as of December 31, 2025 and 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 other non-current liabilities on the Company’s balance sheet as of December 31, 2024. In connection with the IPO, the redeemable convertible preferred stock warrants became warrants to purchase common stock based on the terms of the loan and security agreement. In November 2025, the warrants were exercised, resulting in the issuance of 9,660 shares of Class A common stock.

Western Alliance Bank Debt

In October 2021, the Company entered into a loan and security agreement (the “2021 LSA”) with WAB, which provided the Company with three tranches of capital advances totaling $15.0 million. The loan was collateralized by all property of the Company other than its Intellectual Property (“IP”). The advanced principal accrued interest based on the floating prime rate per annum. The first tranche of $5.0 million was advanced on October 12, 2021 and the second tranche was advanced on December 17, 2021, both with a maturity date of October 12, 2025 and interest-only payments, at the floating rate, through May 1, 2023 and 30 equal monthly payments thereafter, of principal and interest. The Company drew down the third tranche on January 3, 2022 and elected to extend the interest only period by an additional 6 months followed by 24 months of amortization. The loans include a final payment of 3.75% of the advanced amount, or $562,500, due upon the earlier of maturity or termination of the loan. The final payment was accreted to interest expense over the term of the loan. The term loan advances are secured by a lien on the Company’s assets.

In July 2022, the Company amended the 2021 LSA with WAB, such that WAB made four tranches of capital advances available to the Company for an aggregate amount up to $35.0 million (“2022 LSA Amendment”).

Under the 2022 LSA Amendment, the first tranche of $20.0 million in principal was advanced on July 22, 2022 and was used to pay off the existing $15.0 million in principal outstanding to WAB under the 2021 LSA, resulting in net proceeds to the Company of $5.0 million. The second tranche of $5.0 million in principal was advanced on January 25, 2023 and the third tranche of $5.0 million in principal was advanced on July 7, 2023. The fourth tranche of $5.0 million was advanced on October 11, 2023. The term loans had a maturity date of July 1, 2027. The term loans were interest-only through July 31, 2025, followed by 24 equal payments of principal plus interest. The loans required a final payment of 4.25% of the total advanced amount, which resulted in an exit fee liability of $1.5 million payable at the maturity of the debt. The final payment was accreted to the debt balance and recognized as interest expense over the term of the loan.

The term loan advances were secured by a lien on the Company’s assets. The Company was subject to certain financial and reporting covenants, including a requirement for the Company to meet certain test volumes, measured quarterly on a trailing two quarter basis.

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 was due 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 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 became exercisable as the Company made 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 expense, net in the statements of operations and comprehensive income (loss) (See Note 3).

The issuance date fair value of the warrants was determined using the option pricing model, with the following assumptions (in thousands, except percentages):


	2021 LSA			2022 LSA Amendment
Grant date	October 12, 2021			July 22, 2022
Dividend yield	0		%	0		%
Risk-free interest rate	1.59		%	2.77		%
Expected volatility	70		%	78		%
Expected term (in years)	10.00			10.00
Total grant date fair value	$	170		$	312

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.

In connection with the Company’s IPO, WAB entered into a lock-up agreement with the Company, pursuant to which WAB may not sell, transfer, or otherwise dispose of the underlying shares of Class A common stock for a period of 180 days following the date that the Company files its final prospectus.

Fair Value Measurements - Schedule of Fair Value Assumptions of Common Stock Warrant Liability (Details) - Common stock warrants	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Stock price (in dollars per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	81.84	20.32	13.41
Exercise price (in dollars per share) \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	2.80	2.80	2.80
Exercise price (in dollars per share) \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	10.92	10.92	10.92
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.535	0.840	0.600
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.3	2.30	1.5
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0363	0.0414	0.0450
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0	0

Long-term Debt - Schedule of Notes Payable Covenants (Details) - 2024 Notes - Notes Payable $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
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)	74.8
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

Leases - Schedule of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows	$ 8,810	$ 8,516	$ 4,872

Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Apr. 30, 2024	Aug. 31, 2024	May 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Change in fair value of convertible notes				$ 0	$ (835)	$ (12,921)
Net gain on extinguishment of debt		$ (1,300)		$ 0	7,289	$ 0
Series C-1
Debt Instrument [Line Items]
Equity, fair value disclosure	$ 39,900
Convertible Notes
Debt Instrument [Line Items]
Change in fair value of convertible notes					$ 0
Unsecured Convertible Promissory Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 30,000
Debt instrument, interest rate, stated percentage							8.00%
Change in fair value of convertible notes	(800)
Debt instrument, convertible, conversion price (in dollars per share)			$ 19.6143
Convertible debt, fair value disclosures			$ 48,500
Net gain on extinguishment of debt	$ 8,600
Unsecured Convertible Promissory Notes \| Convertible Notes \| Series C-1
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued (in shares)			1,726,823

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Nov. 07, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Shares Authorized (in shares)	50,000,000		29,544,989
Shares Issued (in shares)	0		29,084,235
Shares Outstanding (in shares)	0	29,084,235	29,084,235	22,701,179	22,701,179
Net Carrying Value			$ 419,409
Aggregate Liquidation Preference	$ 100,000		$ 422,458
Series A-1
Temporary Equity [Line Items]
Shares Authorized (in shares)			1,349,650
Shares Issued (in shares)			1,349,650
Shares Outstanding (in shares)			1,349,650
Net Carrying Value			$ 3,493
Aggregate Liquidation Preference			$ 540
Series A-2
Temporary Equity [Line Items]
Shares Authorized (in shares)			1,137,210
Shares Issued (in shares)			1,137,210
Shares Outstanding (in shares)			1,137,210
Net Carrying Value			$ 2,943
Aggregate Liquidation Preference			$ 910
Series A-3
Temporary Equity [Line Items]
Shares Authorized (in shares)			899,730
Shares Issued (in shares)			899,730
Shares Outstanding (in shares)			899,730
Net Carrying Value			$ 2,328
Aggregate Liquidation Preference			$ 900
Series A-4
Temporary Equity [Line Items]
Shares Authorized (in shares)			25,761
Shares Issued (in shares)			25,761
Shares Outstanding (in shares)			25,761
Net Carrying Value			$ 67
Aggregate Liquidation Preference			$ 50
Series A-5
Temporary Equity [Line Items]
Shares Authorized (in shares)			114,613
Shares Issued (in shares)			114,613
Shares Outstanding (in shares)			114,613
Net Carrying Value			$ 297
Aggregate Liquidation Preference			$ 100
Series A-6
Temporary Equity [Line Items]
Shares Authorized (in shares)			5,805,861
Shares Issued (in shares)			5,796,201
Shares Outstanding (in shares)			5,796,201
Net Carrying Value			$ 14,999
Aggregate Liquidation Preference			$ 15,000
Series B-1
Temporary Equity [Line Items]
Shares Authorized (in shares)			5,182,287
Shares Issued (in shares)			5,182,287
Shares Outstanding (in shares)			5,182,287
Net Carrying Value			$ 54,889
Aggregate Liquidation Preference			$ 55,000
Series B-2
Temporary Equity [Line Items]
Shares Authorized (in shares)			2,566,902
Shares Issued (in shares)			2,566,902
Shares Outstanding (in shares)			2,566,902
Net Carrying Value			$ 27,243
Aggregate Liquidation Preference			$ 16,025
Series C
Temporary Equity [Line Items]
Shares Authorized (in shares)			6,079,919
Shares Issued (in shares)			5,628,825
Shares Outstanding (in shares)			5,628,825
Net Carrying Value			$ 143,268
Aggregate Liquidation Preference			$ 143,500
Series C-1
Temporary Equity [Line Items]
Shares Authorized (in shares)			1,726,823
Shares Issued (in shares)			1,726,823
Shares Outstanding (in shares)			1,726,823
Net Carrying Value			$ 39,886
Aggregate Liquidation Preference			$ 33,870
Series D
Temporary Equity [Line Items]
Shares Authorized (in shares)			4,656,233
Shares Issued (in shares)			4,656,233
Shares Outstanding (in shares)			4,656,233
Net Carrying Value			$ 129,996
Aggregate Liquidation Preference			$ 156,563

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Operating Leases

In February 2021, the Company entered into a lease agreement for office and laboratory space in Menlo Park, CA which will expire in February 2031. In December 2023, the Company entered into a lease agreement for office and laboratory space in Union City, CA, which will expire in June 2033. The Union City, CA lease contains a one-time tenant option to extend the lease term by a period of five years which the Company is not reasonably certain to exercise and which has been excluded from recognition in the Company’s right-of-use assets and lease liabilities. The Company records rent expense associated with operating lease liabilities in operating expenses in the statements of operations and comprehensive income (loss).

In April 2024, the Company entered into a lease agreement for premises to be constructed in Austin, TX. The lease is expected to commence prior to September 30, 2027 at an initial rental rate of $12.3 million per year. The lease agreement includes annual rent increases of 3% and is for a term of fifteen years and nine months. The agreement also includes a seven-year extension option that can be exercised by the Company. As part of the lease agreement, the Company remitted to the landlord $2.0 million in respect of a security deposit and $1.0 million in respect of the first month’s rent payment, which were recorded in other non-current assets on the balance sheets for the years ended December 31, 2025 and 2024.

The Company’s operating lease costs were $9.4 million, $9.4 million and $5.5 million during the years ended December 31, 2025, 2024 and 2023, respectively. The Company’s variable lease expense totaled $4.4 million, $4.4 million and $3.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company's short-term lease costs totaled $0.2 million during the year ended December 31, 2025 and were not material during the years ended December 31, 2024 and 2023.

Other information related to the Company’s operating leases was as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows	$	8,810	$	8,516	$	4,872

As of December 31, 2025 and 2024, the weighted average remaining operating lease term was 6.8 years and 7.8 years, respectively.

As of December 31, 2025 and 2024, the weighted average discount rate used to estimate operating lease liabilities was 8.4% and 8.4%, respectively.

As of December 31, 2025, future lease payments under operating leases were as follows (in thousands):


Year ending December 31:
2026	$	9,115
2027	9,430
2028	9,757
2029	10,094
2030	10,444
Thereafter	18,938
Total lease payments	$	67,778
Less: imputed interest	(16,976)
Present value of operating lease liabilities	$	50,802

Financing Leases

As of December 31, 2025 and 2024, the weighted average remaining financing lease term was 1.7 years and 1.8 years, respectively.

As of December 31, 2025 and 2024, the weighted average interest rate for the Company’s financing leases was 5.4% and 6.5%, respectively.

As of December 31, 2025, future lease payments under financing leases were as follows (in thousands):


Year ending December 31:
2026	$	543
2027	362
Total lease payments	$	905
Less: interest expense	(38)
Present value of financing lease liabilities	$	867

Other information related to the Company’s financing leases were as follows for the years ended December 31 (in thousands):


	2025		2024		2023
Amortization of right-of-use assets:	$	1,855	$	3,436	$	3,085
Operating cash flows from financing leases (interest paid):	104		243		361
Total finance lease cost	$	1,959	$	3,679	$	3,446

Leases

Operating Leases

Other information related to the Company’s operating leases was as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows	$	8,810	$	8,516	$	4,872

As of December 31, 2025 and 2024, the weighted average remaining operating lease term was 6.8 years and 7.8 years, respectively.

As of December 31, 2025 and 2024, the weighted average discount rate used to estimate operating lease liabilities was 8.4% and 8.4%, respectively.

As of December 31, 2025, future lease payments under operating leases were as follows (in thousands):


Year ending December 31:
2026	$	9,115
2027	9,430
2028	9,757
2029	10,094
2030	10,444
Thereafter	18,938
Total lease payments	$	67,778
Less: imputed interest	(16,976)
Present value of operating lease liabilities	$	50,802

Financing Leases

As of December 31, 2025 and 2024, the weighted average remaining financing lease term was 1.7 years and 1.8 years, respectively.

As of December 31, 2025 and 2024, the weighted average interest rate for the Company’s financing leases was 5.4% and 6.5%, respectively.

As of December 31, 2025, future lease payments under financing leases were as follows (in thousands):


Year ending December 31:
2026	$	543
2027	362
Total lease payments	$	905
Less: interest expense	(38)
Present value of financing lease liabilities	$	867

Other information related to the Company’s financing leases were as follows for the years ended December 31 (in thousands):


	2025		2024		2023
Amortization of right-of-use assets:	$	1,855	$	3,436	$	3,085
Operating cash flows from financing leases (interest paid):	104		243		361
Total finance lease cost	$	1,959	$	3,679	$	3,446

Cover - shares	12 Months Ended
Cover - shares	Dec. 31, 2025	Mar. 06, 2026
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
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
Local Phone Number	650
City Area Code	460-2551
Title of 12(b) Security	Class A common stock, par value
Trading Symbol	BLLN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the Registrant's definitive proxy statement, or the 2026 Proxy Statement, relating to its annual meeting of stockholders to be held in 2026, or the 2026 Annual Meeting, to be filed with the Securities and Exchange Commission, or the SEC, within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates, are incorporated herein by reference where indicated. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement is not deemed to be a part hereof.
Entity Central Index Key	0002070849
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,413,162
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,552,650

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6.9	$ 7.0	$ 5.9

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

Redeemable Convertible Preferred Stock


	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

The rights, preferences and privileges of the Company’s redeemable convertible preferred stock were as follows:

(i)Dividends

(ii)Liquidation Preference

(iii)Conversion

(iv)Voting Rights

Thus, the holders of redeemable convertible preferred stock shall have the same voting rights as the holders of common stock.

(v)Redemption

Common Stock

The amount of such shares of the Company’s Class A common stock reserved for these purposes at December 31, 2025, is as follows:


Common stock warrants			121,566
Outstanding shares of Class B common stock			4,552,650
Options to purchase common stock			9,552,013
Restricted stock units outstanding			33,332
Shares available for future issuance under the Employee Stock Purchase Plan			548,880
Shares available for future grants			3,356,974
Total Class A common stock reserved			18,165,415

Stock Plans

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.

Stock-based Compensation

•Expected dividends. The Company historically has not paid dividends on common stock and has no plans to issue dividends in the foreseeable future.


	2025			2024			2023
Fair value of common stock	$	29.54		$	16.47		$	11.07
Dividend yield	-		%	-		%	-		%
Risk-free interest rate	4.1		%	4.1		%	4.0		%
Expected volatility	73		%	68		%	74		%
Expected term (in years)	6.21			6.01			5.99

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		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2025	6,849,412	$	7.28	7.5	$	73,992
Granted	3,640,368	22.85
Exercised	(551,145)	5.58
Forfeited or expired	(386,622)	15.84
Outstanding as of December 31, 2025	9,552,013	$	12.96	7.6	$	657,915
Vested and exercisable as of December 31, 2025	4,977,698	$	6.43	6.2	$	375,351
Vested and expected to vest as of December 31, 2025	9,552,013	$	12.96	7.6	$	657,915

Restricted Stock Unit Activity

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


	Shares	Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2025	-	$	-
Issued	33,332	108.94
Vested	-	-
Forfeited	-	-
Nonvested as of December 31, 2025	33,332	$	108.94

There was no restricted stock award activity during the year ended December 31, 2024.

Stock-Based Compensation Expense

The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cost of revenue	$	1,789	$	1,183	$	683
Research and development	3,951		2,341		1,450
Selling, general and administrative	10,175		4,838		2,721
Total stock-based compensation	$	15,915	$	8,362	$	4,854

Options Subject to Early Exercise

Secondary Sales of Common Stock

Repurchase of Common Stock

Option Exercises Under Promissory Notes

Incremental stock-based compensation expense was not material.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Redeemable Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 07, 2025 shares	Dec. 31, 2025 USD ($) vote director $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)	29,084,235	0	29,084,235	22,701,179	22,701,179
Dividends declared or paid \| $		$ 0
Gross proceeds \| $		$ 100,000	$ 422,458
Common stock, number of votes per share \| vote		1
Temporary equity, redemption percentage		50.00%
Common Class A
Temporary Equity [Line Items]
Common stock, number of votes per share \| vote		1
Common Class A \| IPO
Temporary Equity [Line Items]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)	29,084,235
Series A-1
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			1,349,650
Shares issued, price (in dollars per share) \| $ / shares		$ 0.4001
Gross proceeds \| $			$ 540
Series A-2
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			1,137,210
Shares issued, price (in dollars per share) \| $ / shares		0.8002
Gross proceeds \| $			$ 910
Series A-3
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			899,730
Shares issued, price (in dollars per share) \| $ / shares		1.0003
Gross proceeds \| $			$ 900
Series A-4
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			25,761
Shares issued, price (in dollars per share) \| $ / shares		1.9409
Gross proceeds \| $			$ 50
Series A-5
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			114,613
Shares issued, price (in dollars per share) \| $ / shares		0.8725
Gross proceeds \| $			$ 100
Series A-6
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			5,796,201
Shares issued, price (in dollars per share) \| $ / shares		2.5879
Gross proceeds \| $			$ 15,000
Series B-1
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			5,182,287
Shares issued, price (in dollars per share) \| $ / shares		10.6130
Gross proceeds \| $			$ 55,000
Series B-2
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			2,566,902
Shares issued, price (in dollars per share) \| $ / shares		6.2429
Gross proceeds \| $			$ 16,025
Series C
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			5,628,825
Shares issued, price (in dollars per share) \| $ / shares		$ 25.4937
Gross proceeds \| $			$ 143,500
Temporary equity, minimum number of shares outstanding, director election threshold (in shares)		1,225,790
Number of directors \| director		1
Series C-1
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			1,726,823
Shares issued, price (in dollars per share) \| $ / shares		$ 19.6143
Gross proceeds \| $			$ 33,870
Series D
Temporary Equity [Line Items]
Redeemable convertible preferred stock, outstanding (in shares)			4,656,233
Liquidation preference, multiplier		1.2
Liquidation preference (in dollars per share) \| $ / shares		$ 28.0204
Shares issued, price (in dollars per share) \| $ / shares		$ 28.0204
Gross proceeds \| $			$ 156,563
Temporary equity, minimum number of shares outstanding, director election threshold (in shares)		1,164,058
Number of directors \| director		1
Series A
Temporary Equity [Line Items]
Temporary equity, minimum number of shares outstanding, director election threshold (in shares)		1,449,050
Number of directors \| director		2
Common Stock
Temporary Equity [Line Items]
Number of directors \| director		4

Net Income (Loss) Per Share Attributable to Shareholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Shareholders

The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders when shares meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The holders of the Company’s redeemable convertible preferred stock would be entitled to dividends in preference to common stockholders, if declared. Such dividends are not cumulative. Any remaining earnings would be distributed among the holders of redeemable convertible preferred stock and common stock pro rata on an as-converted basis. The holders of the Company’s redeemable convertible preferred stock are not contractually obligated to participate in the Company’s losses.

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. 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. For periods in which the Company reports net losses, diluted net income (loss) per common share is the same as basic net income (loss) per common share as all potentially dilutive securities are anti-dilutive.

The following table sets forth the computation of basic and dilutive net income (loss) per share attributable to common stockholders for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):


	2025		2024		2023
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	7,454	$	(41,570)	$	(82,683)
Less: Net income attributable to participating securities	(4,535)		—		—
Net income (loss) attributable to common stockholders	2,919		(41,570)		(82,683)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	15,875,091		10,079,925		9,782,770
Net income (loss) per share, basic	$	0.18	$	(4.12)	$	(8.45)
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	2,919	$	(41,570)	$	(82,683)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	15,875,091		10,079,925		9,782,770
Effect of dilutive securities:
Outstanding stock options	4,701,545		—		—
Warrants to purchase redeemable convertible preferred stock	7,559		—		—
Warrants to purchase common stock	98,193		—		—
Restricted stock awards in exchange for non-recourse note	548,364		—		—
Weighted-average shares used in calculating net income (loss) per share, diluted	21,230,752		10,079,925		9,782,770
Net income (loss) per share, diluted	$	0.14	$	(4.12)	$	(8.45)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the years ended December 31, 2025, 2024 and 2023:


	2025	2024	2023
Redeemable convertible preferred stock	24,658,373	29,084,235	22,701,179
Outstanding stock options	—	6,849,412	6,193,236
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	4,950	521	—

Fair Value Measurements - Schedule of Fair Value Measurements of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Total assets	$ 359,813	$ 7,538
Liabilities:
Term loan	57,226	51,481
Total liabilities	66,508	54,244
Common stock warrants
Liabilities:
Warrants	9,282	2,533
Redeemable Convertible Preferred Stock Warrants
Liabilities:
Warrants		230
Money market funds
Current assets:
Money market funds	359,813	7,538
Level 1
Current assets:
Total assets	359,813	7,538
Liabilities:
Term loan	0	0
Total liabilities	0	0
Level 1 \| Common stock warrants
Liabilities:
Warrants	0	0
Level 1 \| Redeemable Convertible Preferred Stock Warrants
Liabilities:
Warrants		0
Level 1 \| Money market funds
Current assets:
Money market funds	359,813	7,538
Level 2
Current assets:
Total assets	0	0
Liabilities:
Term loan	0	0
Total liabilities	9,282	0
Level 2 \| Common stock warrants
Liabilities:
Warrants	9,282	0
Level 2 \| Redeemable Convertible Preferred Stock Warrants
Liabilities:
Warrants		0
Level 2 \| Money market funds
Current assets:
Money market funds	0	0
Level 3
Current assets:
Total assets	0	0
Liabilities:
Term loan	57,226	51,481
Total liabilities	57,226	54,244
Level 3 \| Common stock warrants
Liabilities:
Warrants	0	2,533
Level 3 \| Redeemable Convertible Preferred Stock Warrants
Liabilities:
Warrants		230
Level 3 \| Money market funds
Current assets:
Money market funds	$ 0	$ 0

Fair Value Measurements - Schedule of Fair Value Assumptions of Redeemable Convertible Preferred Stock Warrant Liability (Details) - Redeemable Convertible Preferred Stock Warrants	Nov. 14, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock price (in dollars per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	90.00	25.83	17.45
Exercise price (in dollars per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	2.59	2.59	2.59
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input		0.840	0.600
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input		2.3	1.5
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input		0.0414	0.0450
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input		0	0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of the provision for income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	2025		2024		2023
Current:
Federal	$	92	$	-	$	-
State	213		29		9
	305		29		9
Deferred:
Federal	-		-		-
State	-		-		-
	-		-		-
Total provision for income taxes	$	305	$	29	$	9

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant

components of the Company’s deferred tax assets as of December 31, 2025 and 2024 are as follows (in thousands):


	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	34,636	$	36,725
Capitalized R&D expenditure	6,059		11,477
Accruals and reserves	3,061		2,322
R&D credits	4,817		3,768
Lease liability	12,108		13,126
Stock-based compensation	1,397		859
Other	-		21
Total deferred tax asset	62,078		68,298
Deferred tax liabilities:
Depreciation and amortization	(2,207)		(320)
Right of use asset	(11,140)		(12,304)
Total deferred tax liabilities	(13,347)		(12,624)
Less: valuation allowance	(48,731)		(55,674)
Net deferred tax assets	$	-	$	-

The changes in the valuation allowance for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	2025		2024		2023
Valuation allowance - beginning of period	$	55,674	$	45,555	$	29,436
Additions/(reductions) recognized in income tax provision	(6,943)		10,119		16,119
Valuation allowance - end of period	$	48,731	$	55,674	$	45,555


	2025
Tax at the federal statutory rate	$	1,630	21	%
Domestic federal
Nontaxable or nondeductible items
Meals	963		12	%
Stock-based compensation	2,582		33	%
Change in fair value of term loan	2,376		31	%
Other	147		2	%

Research and development credits	(1,689)		(22)	%
Changes in tax laws or rates enacted in the current period	-		-	%
Change in valuation allowance	(6,464)		(83)	%
Foreign tax effects	-		-	%
State and local income taxes, net of federal benefits	169		2	%
Change in unrecognized tax benefit	591		8	%
Total provision for income taxes	$	305	4	%


	2024		2023
Tax at the federal statutory rate	$	(8,725)	$	(17,250)
Other nondeductible items	792		550
Stock-based compensation	1,359		832
Research and development credits	(994)		(796)
Change in valuation allowance	10,119		16,058
State taxes, net of federal benefits	(1,443)		(2,113)
Debt extinguishment gain or loss	(1,814)		-
Change in fair value of term loan	689		2,749
Other	46		(21)
Total provision for income taxes	$	29	$	9

The Company’s actual tax expense differed from the statutory federal income tax expense using a tax rate of 21% for the years ended December 31, 2025 and 2024, primarily due to nondeductible expenses, research and development tax credits, change in fair value of term loan, the change in valuation allowance, and state income taxes. For the tax year ended December 31, 2025, the States of Minnesota, Idaho and Georgia made up the majority of the domestic state income taxes, net of federal tax effect.

As of December 31, 2025 and 2024, the Company had a net operating loss carryforwards of $147.0 million and $154.9 million for federal purposes, and $67.9 million and $78.6 million for state and city purposes, respectively. If not utilized, these carryforwards will begin to expire in 2026 for state and city purposes. The federal carryforwards do not expire.

Federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited. Some but not all states conform to the federal treatment of net operating losses.

As of December 31, 2025 and 2024, the Company had research and development tax credit carryforwards for federal tax purposes of $5.5 million and state research and development tax credit carryforwards of $2.8 million. As of December 31, 2024, the Company had research and development tax credit carryforwards for federal tax purposes of $4.1 million and state research and development tax credit carryforwards of $2.1 million. The federal research and development tax credit carryforwards will expire at various dates beginning in the year 2041. The Company’s state research and development tax credit carryforwards do not expire.

Utilization of the net operating loss (“NOL”) carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of NOL carryforwards and credits before utilization. Current laws impose substantial restrictions on the utilization of NOL carryforwards and credits in the event of an “ownership change” within a three-year period as defined by the Internal Revenue Code Section 382 (“Section 382”). If there should be an ownership change, the Company’s ability to utilize its NOL carryforwards and credits could be limited. The Company experienced an ownership change on March 31, 2019, which limited its ability to utilize its NOL carryforwards generated prior to that date. The Company experienced another ownership change on November 5, 2025, which did not limit its ability to utilize its NOL carryforwards in the current year.

Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets of the Company will not be fully realizable for the years ended December 31, 2025 and 2024. Accordingly, the Company has established a full valuation allowance against its net deferred tax assets due to the uncertainty surrounding the realization of such assets. The valuation allowance decreased by approximately $6.9 million and increased by approximately $10.1 million during the years ended December 31, 2025 and 2024, respectively.

Below are the Company's income taxes paid (net of tax refund) during the year ended December 31, 2025 (in thousands):


	2025
US Federal	$	240
US State and Local
Illinois	80
Minnesota	34
Other	133
Total US State and Local	247
Total taxes paid	$	487

The Company records unrecognized tax benefits, where appropriate, for all uncertain income tax positions. The Company recorded unrecognized tax benefits for uncertain tax positions of $3.2 million and $2.2 million as of December 31, 2025 and 2024, respectively, none of which would impact the effective tax rate if recognized, because the benefit would be offset by an increase in the valuation allowance.

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):


	2025		2024
Unrecognized tax benefits - beginning of period	$	2,184	$	1,410
Increases related to current year’s tax positions	984		774

Unrecognized tax benefits - end of period	$	3,168	$	2,184

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. During the year ended December 31, 2025 and 2024, the Company recognized no interest and penalties associated with unrecognized tax benefits.

Due to the net operating loss carryforwards, all years remain open for income tax examination by tax authorities in the United States, various states and foreign tax jurisdictions in which the Company files tax returns.

On July 4, 2025, the One Big Beautiful Bill Act (“2025 Tax Act”) was enacted in the United States. This legislation includes multiple changes, such as restoration of immediate expensing of domestic research and development expenditures under Section 174, reduction of GILTI and FDII deductions under Section 250, and reinstatement of 100% bonus depreciation for qualified property acquired after January 19, 2025, to name a few. The Company elected to immediately expense current year domestic research and development expenditures and to expense prior year’s capitalized domestic research and development expenditures ratably over two years. Additionally, the Company claimed 100% bonus depreciation for qualified property acquired after January 19, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Net

Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets which are as follows:


Machinery and equipment			5 years
Furniture and fixtures			5 years
Automobiles			5 years
Computer hardware			3 years
Computer software			3 years
Leasehold improvements			Shorter of 10 years or remaining lease term

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Machinery and equipment	$	29,151	$	14,585
Equipment under finance leases	4,966		11,210
Furniture and fixtures	3,742		3,391
Computer hardware	2,421		1,770
Construction in progress	2,224		2,747
Leasehold improvements	495		290
Computer software	587		227
Automobiles	40		40
Property and equipment, gross	43,626		34,260
Less: Accumulated depreciation and amortization	(23,265)		(17,149)
Property and equipment, net	$	20,361	$	17,111

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Machinery and equipment	$	29,151	$	14,585
Equipment under finance leases	4,966		11,210
Furniture and fixtures	3,742		3,391
Computer hardware	2,421		1,770
Construction in progress	2,224		2,747
Leasehold improvements	495		290
Computer software	587		227
Automobiles	40		40
Property and equipment, gross	43,626		34,260
Less: Accumulated depreciation and amortization	(23,265)		(17,149)
Property and equipment, net	$	20,361	$	17,111

Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $6.9 million, $7.0 million and $5.9 million, respectively. Amounts included in construction in progress consist of purchases of lab equipment that have not yet been placed into service.

Refer to Note 8 for additional details related to leased equipment.

Common Stock - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options Outstanding
Beginning balance (in shares)	6,849,412
Granted (in shares)	3,640,368
Exercised (in shares)	(551,145)
Forfeited or expired (in shares)	(386,622)
Ending balance (in shares)	9,552,013	6,849,412
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 7.28
Granted (in dollars per share)	22.85
Exercised (in dollars per share)	5.58
Forfeited or expired (in dollars per share)	15.84
Ending balance (in dollars per share)	$ 12.96	$ 7.28
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vested and exercisable (in shares)	4,977,698
Vested and expected to vest (in shares)	9,552,013
Vested and exercisable (in dollars per share)	$ 6.43
Vested and expected to vest (in dollars per share)	$ 12.96
Weighted-average remaining contractual life (in years)	7 years 7 months 6 days	7 years 6 months
Weighted-average remaining contractual life, vested and exercisable (in years)	6 years 2 months 12 days
Weighted-average remaining contractual life, vested and expected to vest (in years)	7 years 7 months 6 days
Aggregate intrinsic value, outstanding	$ 657,915	$ 73,992
Aggregate intrinsic value, vested and exercisable	375,351
Aggregate intrinsic value, vested and expected to vest	$ 657,915

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) extension_option	Apr. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows	$ 8,810	$ 8,516	$ 4,872
Operating lease, cost	9,400	9,400	5,500
Variable lease expense	4,400	4,400	3,200
Short-term lease costs	$ 200	$ 0	$ 0
Operating lease, weighted average remaining lease term	6 years 9 months 18 days	7 years 9 months 18 days
Operating lease, weighted average discount rate	8.40%	8.40%
Finance lease, weighted average remaining lease term	1 year 8 months 12 days	1 year 9 months 18 days
Finance lease, weighted average discount rate, percent	5.40%	6.50%
Building
Lessee, Lease, Description [Line Items]
Number of extend options \| extension_option			1
Operating lease, renewal term			5 years
Construction in progress
Lessee, Lease, Description [Line Items]
Initial rental rate				$ 12,300
Annual rent increases				3.00%
Term of contract				15 years 9 months
Extension term				7 years
Security deposit	$ 2,000	$ 2,000
Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows	$ 1,000	$ 1,000

Common Stock - Stock Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 15,915	$ 8,362	$ 4,854
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,789	1,183	683
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,951	2,341	1,450
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 10,175	$ 4,838	$ 2,721

Leases - Schedule of Future Lease Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Year ending December 31:
2026	$ 9,115
2027	9,430
2028	9,757
2029	10,094
2030	10,444
Thereafter	18,938
Total lease payments	67,778
Less: imputed interest	(16,976)
Present value of operating lease liabilities	$ 50,802

Leases - Schedule of Future Lease Payments Under Financing Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Year ending December 31:
2026	$ 543
2027	362
Total lease payments	905
Less: interest expense	(38)
Present value of financing lease liabilities	$ 867

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Location	Florham Park, New Jersey
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238

Long-term Debt - Narrative (Details)													1 Months Ended		3 Months Ended	12 Months Ended
Long-term Debt - Narrative (Details)	Nov. 30, 2025 shares	Jul. 31, 2025 payment	Aug. 05, 2024 USD ($)	Oct. 11, 2023 USD ($)	Jul. 07, 2023 USD ($)	May 01, 2023 payment	Jan. 25, 2023 USD ($)	Jul. 22, 2022 USD ($)	Jan. 03, 2022	Dec. 17, 2021 USD ($)	Oct. 21, 2021	Oct. 12, 2021 USD ($)	Aug. 31, 2024 USD ($) tranche	Jul. 31, 2022 USD ($) tranche	Mar. 31, 2025	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2022 shares	Dec. 31, 2021 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) tranche
Debt Instrument [Line Items]
Capital advances, number of tranches \| tranche														4								3
Long-term debt, maturity, after year five																$ 50,000,000.0	$ 50,000,000.0
Capital advances														$ 35,000,000.0								$ 15,000,000.0
Number of equal monthly payments \| payment		24				30
Interest only period									6 months
Amortization period									24 months
Loans payable to bank, final payment, percentage											0.0375			0.0425
Loans payable to bank, final payment																						$ 562,500
Incremental expense													$ 800,000
Prepayment of outstanding term loan													35,000,000.0
Payments of loan termination fees													1,500,000
Loss on extinguishment of debt													1,300,000			$ 0	(7,289,000)	$ 0
Unamortized debt issuance costs													300,000
Prepayment fee													$ 200,000
Lock-up agreement, number of days																180 days
Warrants to purchase redeemable convertible preferred stock
Debt Instrument [Line Items]
Number of securities called by warrants (in shares) \| shares																9,660
Warrant exercise price (in dollars per share) \| $ / shares																$ 2.59
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) \| shares	9,660
2021 LSA
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 Amendment
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
Loans Payable
Debt Instrument [Line Items]
Repayments of long-term debt								$ 15,000,000.0
Net proceeds of long-term debt								5,000,000.0
Incremental expense																$ 1,500,000
Loans Payable \| First Tranche
Debt Instrument [Line Items]
Proceeds from issuance of debt								$ 20,000,000.0				$ 5,000,000.0
Loans Payable \| Second Tranche
Debt Instrument [Line Items]
Proceeds from issuance of debt							$ 5,000,000.0			$ 5,000,000.0
Loans Payable \| Third Tranche
Debt Instrument [Line Items]
Proceeds from issuance of debt					$ 5,000,000.0
Loans Payable \| Fourth Tranche
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 5,000,000.0
2024 Notes \| Notes Payable
Debt Instrument [Line Items]
Capital advances, number of tranches \| tranche													4
Debt instrument, face amount													$ 140,000,000.0
Debt instrument, interest rate, stated percentage													8.00%
Redemption, internal rate of return generated													10.00%
Debt instrument, term													7 years
Threshold, trailing six-month gross margin, minimum													30.00%
Debt instrument, covenant, liquidity condition ratio															1.1
Interest expense, debt																4,100,000	$ 1,600,000
2024 Notes \| Notes Payable \| 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
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage													130.00%
Debt instrument, redemption period													24 months
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage													145.00%
Debt instrument, redemption period													36 months
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption, internal rate of return generated													12.25%
Debt instrument, redemption period													48 months
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption, internal rate of return generated													11.75%
Debt instrument, redemption period													60 months
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption, internal rate of return generated													11.25%
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption, internal rate of return generated													10.00%
2024 Notes \| Notes Payable \| First Tranche
Debt Instrument [Line Items]
Proceeds from notes payable			$ 50,000,000.0
2024 Notes \| Notes Payable \| Second Tranche
Debt Instrument [Line Items]
Debt instrument, face amount													$ 35,000,000.0
Worldwide net revenue													80,000,000.0
2024 Notes \| Notes Payable \| Third Tranche
Debt Instrument [Line Items]
Debt instrument, face amount													30,000,000.0
Worldwide net revenue													$ 112,500,000
Threshold, trailing six-month gross margin, minimum													45.00%
2024 Notes \| Notes Payable \| Fourth Tranche
Debt Instrument [Line Items]
Debt instrument, face amount													$ 25,000,000.0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 34,636	$ 36,725
Capitalized R&D expenditure	6,059	11,477
Accruals and reserves	3,061	2,322
R&D credits	4,817	3,768
Lease liability	12,108	13,126
Stock-based compensation	1,397	859
Other	0	21
Total deferred tax asset	62,078	68,298
Deferred tax liabilities:
Depreciation and amortization	(2,207)	(320)
Right of use asset	(11,140)	(12,304)
Total deferred tax liabilities	(13,347)	(12,624)
Less: valuation allowance	(48,731)	(55,674)	$ (45,555)	$ (29,436)
Net deferred tax assets	$ 0	$ 0

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)	50,000,000	29,544,989
Redeemable convertible preferred stock, issued (in shares)	0	29,084,235
Redeemable convertible preferred stock, outstanding (in shares)	0	29,084,235
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 422,458
Accrued compensation and employee benefits	$ 12,551	$ 8,419
Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	0	51,100,000
Common stock, issued (in shares)	0	10,925,950
Common stock, outstanding (in shares)	0	10,925,950
Common Class A
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, authorized (in shares)	800,000,000
Common stock, issued (in shares)	41,252,105
Common stock, outstanding (in shares)	41,252,105	0
Common Class B
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, authorized (in shares)	10,000,000
Common stock, issued (in shares)	4,552,650
Common stock, outstanding (in shares)	4,552,650	0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 December 31, 2025 and 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 December 31, 2025 and 2024.

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits - beginning of period	$ 2,184	$ 1,410
Increases related to current year’s tax positions	984	774
Unrecognized tax benefits - end of period	$ 3,168	$ 2,184

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2025		2024
Accrued professional services	$	2,591	$	898
Accrued inventory purchases	995		443
Accrued fixed asset purchases	1,006		798
Accrued property and other taxes	188		443
Accrued information technology purchases	462		250
Accrued legal expenses	968		191
Accrued phlebotomy expenses	200		171
Accrued insurance expenses	-		159
Accrued rent	174		160
Accrued clinical expenses	35		98
Other	628		271
Accrued expenses and other current liabilities	$	7,247	$	3,882

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 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. See Note 11 for additional information on this transaction. In June 2025, the Company granted stock options to certain founders and executive officers under the Company’s 2018 Plan. These grants were approved by the Board of Directors. See Note 11 for additional information on this transaction. There were no other material related party transactions during the years ended December 31, 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
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-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

Long-term Debt - Schedule of Fair Value of Warrants (Details) $ in Thousands	Jul. 22, 2022 USD ($)	Oct. 12, 2021 USD ($)
2021 LSA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total grant date fair value		$ 170
2021 LSA \| Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input		0
2021 LSA \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input		0.0159
2021 LSA \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input		0.70
2021 LSA \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input		10.00
2022 LSA Amendment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total grant date fair value	$ 312
2022 LSA Amendment \| Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0
2022 LSA Amendment \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0277
2022 LSA Amendment \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.78
2022 LSA Amendment \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	10.00

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

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of the Computation of Basic and Dilutive Net Income (Loss) per Share


	2025		2024		2023
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	7,454	$	(41,570)	$	(82,683)
Less: Net income attributable to participating securities	(4,535)		—		—
Net income (loss) attributable to common stockholders	2,919		(41,570)		(82,683)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	15,875,091		10,079,925		9,782,770
Net income (loss) per share, basic	$	0.18	$	(4.12)	$	(8.45)
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	2,919	$	(41,570)	$	(82,683)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	15,875,091		10,079,925		9,782,770
Effect of dilutive securities:
Outstanding stock options	4,701,545		—		—
Warrants to purchase redeemable convertible preferred stock	7,559		—		—
Warrants to purchase common stock	98,193		—		—
Restricted stock awards in exchange for non-recourse note	548,364		—		—
Weighted-average shares used in calculating net income (loss) per share, diluted	21,230,752		10,079,925		9,782,770
Net income (loss) per share, diluted	$	0.14	$	(4.12)	$	(8.45)

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 years ended December 31, 2025, 2024 and 2023:


	2025	2024	2023
Redeemable convertible preferred stock	24,658,373	29,084,235	22,701,179
Outstanding stock options	—	6,849,412	6,193,236
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	4,950	521	—

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Other Information Related to Operating Leases

Other information related to the Company’s operating leases was as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows	$	8,810	$	8,516	$	4,872

Other information related to the Company’s financing leases were as follows for the years ended December 31 (in thousands):


	2025		2024		2023
Amortization of right-of-use assets:	$	1,855	$	3,436	$	3,085
Operating cash flows from financing leases (interest paid):	104		243		361
Total finance lease cost	$	1,959	$	3,679	$	3,446

Schedule of Future Lease Payments Under Operating Leases

As of December 31, 2025, future lease payments under operating leases were as follows (in thousands):


Year ending December 31:
2026	$	9,115
2027	9,430
2028	9,757
2029	10,094
2030	10,444
Thereafter	18,938
Total lease payments	$	67,778
Less: imputed interest	(16,976)
Present value of operating lease liabilities	$	50,802

Schedule of Future Lease Payments Under Financing Leases

As of December 31, 2025, future lease payments under financing leases were as follows (in thousands):


Year ending December 31:
2026	$	543
2027	362
Total lease payments	$	905
Less: interest expense	(38)
Present value of financing lease liabilities	$	867

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Amount contributed to plan	$ 3.5	$ 2.4	$ 1.7

Long-term Debt - Schedule of Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt	$ 57,226	$ 51,481
Long-term debt, net	57,226	51,481
Less: current portion	0	0
Long-term debt, noncurrent portion	$ 57,226	$ 51,481

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 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 December 31, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	359,813	$	-	$	-	$	359,813
Total assets	$	359,813	$	-	$	-	$	359,813
Liabilities:
Common stock warrants	$	-	$	9,282	$	-	$	9,282
Term loan	-		-		57,226		57,226
Total liabilities	$	-	$	9,282	$	57,226	$	66,508

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):


	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

As of December 31, 2025, Level 3 instruments consist of the Company’s term loan due to the lack of relevant observable market data for the respective fair value inputs of the instrument.

As of December 31, 2024, Level 3 instruments consist of the Company’s common stock warrant liabilities, redeemable convertible preferred stock warrant liabilities and term loan due to the lack of relevant observable market data for the respective fair value inputs for each instrument.

In August 2024, the Company entered into a term loan agreement 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 10).

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


	December 31, 2025		December 31, 2024
Discount rate	7.10	%	9.37	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4.25		5.32
Expected term (years) – Scenario 2	5.60		6.69

The fair values of the common stock warrant and redeemable convertible preferred 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 December 31, 2025, 2024 and 2023 is as follows:


				December 31,
	2025			2024			2023
Stock price	$	81.84		$	20.32		$	13.41
Exercise price	$2.80 - $10.92			$2.80 – $10.92			$2.80 – $10.92
Volatility	53.5		%	84.0		%	60.0		%
Expected term (years)	0.3			2.30			1.5
Risk-free rate	3.63		%	4.14		%	4.50		%
Dividend yield	-		%	-		%	-		%

was determined based on the closing price of the Company’s Class A common stock on the date of exercise of $90.00, less the exercise price of $2.59.


	December 31,
	2024			2023
Stock price	$	25.83		$	17.45
Exercise price	$	2.59		$	2.59
Volatility	84.0		%	60.0		%
Expected term (years)	2.3			1.5
Risk-free rate	4.14		%	4.50		%
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 year ended December 31, 2024, the Company settled the convertible notes through the issuance of Series C-1 redeemable convertible preferred stock to the noteholders (See Note 9).

The significant assumptions used in preparing the discounted cash flow for valuing the convertible notes as of immediately prior to 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 following table presents 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		Convertible Notes		Term Loan
Balance at January 1, 2024	$	1,653	$	146	$	47,686	$	-
Additions	-		-		-		50,000
Adjustment to fair value	880		84		835		1,481
Gain on extinguishment	-		-		(8,635)		-
Settlements	-		-		(39,886)		-
Balance at December 31, 2024	2,533		230		-		51,481
Adjustment to fair value	-		-		-		5,745
Transfers from Level 3 to Level 2	(2,533)		(230)		-		-
Balance at December 31, 2025	$	-	$	-	$	-	$	57,226

For the years ended December 31, 2025, 2024 and 2023, 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 common stock warrant liability is recorded within common stock warrant liability on the balance sheet as of December 31, 2025. The common stock warrant liability and redeemable convertible preferred stock warrant liability are recorded within other non-current liabilities on the balance sheets as of December 31, 2024. The term loan is recorded within long-term debt on the balance sheets as of December 31, 2025 and 2024.

For the years ended December 31, 2024 and 2023, 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 year ended December 31, 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 9).

For the year ended December 31, 2025, the Company recognized losses related to the change in the fair value of the term loan as follows: (i) the portion attributable to instrument-specific credit risk was recognized in other comprehensive loss, and (ii) the remaining portion was recognized in earnings within change in fair value of term loan in the statements of operations and comprehensive income (loss). Amounts recognized in other comprehensive loss are accumulated in accumulated other comprehensive loss and are not reclassified to earnings in subsequent periods. For the year ended December 31, 2024, the Company recognized losses 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 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 year ended December 31, 2025, the Company transferred its common stock warrant liability and redeemable convertible preferred stock warrant from Level 3 to Level 2 of the fair value hierarchy upon the completion of its IPO, as observable market data for the Company’s publicly traded Class A common stock became available for the valuation. As a result, unobservable inputs previously used in the valuation were observable.

During the year ended December 31, 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
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-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-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
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-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

Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 474

Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Conversion Of Convertible Preferred Stock	Conversion Of Warrants	Series C-1	Series D	Common Stock	Common Stock Conversion Of Convertible Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Conversion Of Convertible Preferred Stock	Additional Paid-In Capital Conversion Of Warrants	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022	22,701,179
Beginning balance at Dec. 31, 2022	$ 249,527
Ending balance (in shares) at Dec. 31, 2023	22,701,179
Ending balance at Dec. 31, 2023	$ 249,527
Beginning balance (in shares) at Dec. 31, 2022						10,424,709
Beginning balance at Dec. 31, 2022	(141,808)					$ 0		$ 16,140			$ 0	$ (157,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)						147,352
Issuance of common stock upon exercise of stock options	518							518
Repayment of promissory notes by executives	51							51
Stock-based compensation	4,854							4,854
Vesting of early exercises	15							15
Other comprehensive loss	0
Net (loss) income	(82,683)											(82,683)
Ending balance (in shares) at Dec. 31, 2023						10,572,061
Ending balance at Dec. 31, 2023	$ (219,053)					$ 0		21,578			0	(240,631)
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 Dec. 31, 2024	29,084,235			1,726,823	4,656,233
Ending balance at Dec. 31, 2024	$ 419,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)						380,639
Issuance of common stock upon exercise of stock options	1,146							1,146
Stock-based compensation	8,362							8,362
Repurchase of common stock (in shares)						(26,750)
Repurchase of common stock	(546)							(546)
Vesting of early exercises	5							5
Other comprehensive loss	0
Net (loss) income	(41,570)											(41,570)
Ending balance (in shares) at Dec. 31, 2024						10,925,950
Ending balance at Dec. 31, 2024	$ (251,656)					$ 0		30,545			0	(282,201)
Redeemable Convertible Preferred Stock
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)	(29,084,235)
Conversion of redeemable convertible preferred stock to Class A and Class B common stock in connection with initial public offering	$ (419,409)
Ending balance (in shares) at Dec. 31, 2025	0
Ending balance at Dec. 31, 2025	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)							29,084,235			9,660
Conversion of redeemable convertible preferred stock to Class A and Class B common stock in connection with initial public offering		$ 419,409	$ 870						$ 419,409	$ 870
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and issuance costs (in shares)						5,233,765
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts and commissions and issuance costs	$ 286,928							286,928
Issuance of common stock upon exercise of stock options (in shares)	551,145					551,145
Issuance of common stock upon exercise of stock options	$ 2,924							2,924
Repayment of promissory notes by executives	51							51
Stock-based compensation	$ 15,915							15,915
Repurchase of common stock (in shares)	0
Vesting of early exercises	$ 2							2
Other comprehensive loss	(1,792)										(1,792)
Net (loss) income	7,454											7,454
Ending balance (in shares) at Dec. 31, 2025						45,804,755
Ending balance at Dec. 31, 2025	$ 480,105					$ 0		$ 756,644			$ (1,792)	$ (274,747)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
R&D credits	$ 4,817	$ 3,768
Additions/(reductions) recognized in income tax provision	(6,943)	10,119	$ 16,119
Unrecognized tax benefits	3,168	2,184	$ 1,410
Unrecognized tax benefits that would impact the effective tax rate	0	0
Interest and penalties associated with unrecognized tax benefits	0	0
UNITED STATES
Income Tax Paid, by Individual Jurisdiction [Line Items]
Operating loss carryforwards	147,000	154,900
R&D credits	5,500	4,100
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Operating loss carryforwards	67,900	78,600
R&D credits	$ 2,800	$ 2,100

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 495,975	$ 191,477
Accounts receivable	41,617	24,709
Inventories	17,545	8,733
Prepaid expenses and other current assets	5,421	2,898
Total current assets	560,558	227,817
Property and equipment, net	20,361	17,111
Operating lease right-of-use assets, net	46,742	51,739
Other non-current assets	4,993	5,392
Total assets	632,654	302,059
Current liabilities:
Accounts payable	7,184	4,304
Accrued expenses and other current liabilities	7,247	3,882
Accrued commissions	3,912	2,756
Accrued compensation and employee benefits	12,551	8,419
Common stock warrant liability	9,282	0
Deferred revenue, current	2,188	2,806
Operating lease liabilities, current	5,079	4,393
Financing lease liabilities, current	519	1,826
Total current liabilities	47,962	28,386
Operating lease liabilities, non-current	45,723	50,802
Financing lease liabilities, non-current	348	874
Deferred revenue, non-current	1,290	0
Long-term debt	57,226	51,481
Other non-current liabilities	0	2,763
Total liabilities	152,549	134,306
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $0.00001 par value; 50,000,000 and 29,544,989 shares authorized as of December 31, 2025 and 2024, respectively; 0 and 29,084,235 shares issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation preference of $0 and $422,458 as of December 31, 2025 and 2024, respectively	0	419,409
Stockholders’ equity:
Additional paid-in capital	756,644	30,545
Accumulated other comprehensive loss	(1,792)	0
Accumulated deficit	(274,747)	(282,201)
Total stockholders’ equity	480,105	(251,656)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	632,654	302,059
Common Stock
Stockholders’ equity:
Common stock value	0	0
Common Class A
Stockholders’ equity:
Common stock value	0	0
Common Class B
Stockholders’ equity:
Common stock value	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Consolidation

All intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Fair Value of Financial Instruments


Level 1 input			Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 input			Inputs other than the quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.

Level 3 input			Unobservable inputs for the assets or liabilities. Unobservable inputs shall be used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Accounts Receivable and Allowances

Inventories

Property and Equipment, Net


Machinery and equipment			5 years
Furniture and fixtures			5 years
Automobiles			5 years
Computer hardware			3 years
Computer software			3 years
Leasehold improvements			Shorter of 10 years or remaining lease term

Maintenance and repairs are charged to expenses as incurred.

The Company entered into finance leases for certain lab equipment. The Company records amortization of assets leased in connection with finance lease arrangements as depreciation expense.

Impairment of Long-Lived Assets

Leases

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

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Prenatal	$	277,105	$	145,901	$	68,803
Oncology	24,953		2,944		-
Clinical trial support and other services	3,054		3,737		2,926
Total revenue	$	305,112	$	152,582	$	71,729

Substantially all revenue recognized for the years ended December 31, 2025, 2024 and 2023 was generated in the United States.

Revenue related to performance obligations satisfied in prior periods

Deferred revenue

Cost of Revenue

Advertising Costs

Research and Development

Selling, General and Administrative

Income Taxes

Redeemable Convertible Preferred Stock, Redeemable Convertible Preferred Stock Warrants and Common Stock Warrants

Redeemable Convertible Preferred Stock Warrants

Common Stock Warrants

Stock-Based Compensation

The Company has granted awards to employees that vest based on continued service (service conditions). Stock-based compensation expense is recognized on a straight-line basis over the service period.

Deferred Offering Costs

Segment Information

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Long-term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt

Convertible Notes

Long-term Debt

Oberland Note Purchase Agreement

The fourth tranche of up to $25.0 million in principal is available at the mutual agreement of the Company and Oberland Capital at any time prior to March 31, 2026.


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2025	$	56.1
Q2 2025	$	65.6
Q3 2025	$	74.8
Q4 2025	$	82.8
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

The Company’s total indebtedness as of December 31, 2025 and 2024 is as follows (in thousands):


	December 31,
	2025		2024
Long-term debt	$	57,226	$	51,481


Long-term debt, net	57,226		51,481
Less: current portion	-		-
Long-term debt, noncurrent portion	$	57,226	$	51,481

Redeemable Convertible Preferred Stock Warrants

Western Alliance Bank Debt

Common Stock Warrants

The issuance date fair value of the warrants was determined using the option pricing model, with the following assumptions (in thousands, except percentages):


	2021 LSA			2022 LSA Amendment
Grant date	October 12, 2021			July 22, 2022
Dividend yield	0		%	0		%
Risk-free interest rate	1.59		%	2.77		%
Expected volatility	70		%	78		%
Expected term (in years)	10.00			10.00
Total grant date fair value	$	170		$	312

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.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy In the ordinary course of our business, we collect and store proprietary, confidential, and sensitive data, including legally protected personal information, such as test results and other protected health information (PHI), credit card and other financial information, insurance information, and other personally identifiable information, as well as sensitive intellectual property and other proprietary business information, including that of our customers, payors and collaboration partners. We manage and maintain our applications and data utilizing a combination of on-site systems and cloud-based centers, and utilize internal resources and external security and infrastructure vendors to manage parts of our data centers. We are highly dependent on information technology networks and systems—our own as well as those of third-party vendors and their subcontractors—to securely process, transmit, and store a wide variety of information critical to our business, including research and development information, patient data, commercial information, and business and financial information. Our systems are designed to ensure that all sensitive data is stored appropriately in SOC 1 and SOC 2 compliant platforms. Although we maintain measures designed to protect sensitive information from unauthorized access or loss of access, inappropriate use or disclosure, and inappropriate modification, our information technology systems and infrastructure, and those of our third-party service providers, strategic partners and other contractors, and their subcontractors or consultants, are inherently vulnerable to cybersecurity threats and, from time to time, experience such threats. As of the date of this Annual Report on Form 10-K, we are not aware of any material cybersecurity incidents or threats that have impacted our business. We continue to invest in the security and resiliency of our networks and to enhance internal controls and processes designed to help protect our systems and infrastructure, and the information they contain. For more information regarding the risks we face from cybersecurity threats, see “Part I, Item 1A. Risk Factors” included elsewhere in this Annual Report on Form 10-K. Risk Management Processes Our Information Security Steering Committee, led by our Vice President of Information Technology, who also serves as our Chief Information Security Officer, is responsible for the day-to-day execution of our information security strategy and operations. As appropriate, the Information Security Steering Committee coordinates cross-functionally across our information technology, engineering, legal, privacy, compliance, finance, people operations, and product teams to identify, assess, and address current and emerging cybersecurity risks. We maintain a cybersecurity incident response plan that addresses key aspects of incident management, including detection, impact analysis, containment, mitigation, remediation, recovery, and longer-term measures designed to reduce the likelihood of future incidents. In carrying out this plan, the Information Security Steering Committee evaluates cybersecurity incidents, or multiple related incidents, against specified criteria and, if one or more such criteria are met, reports those incidents to management. Our cybersecurity program is aligned with industry standards and best practices, including the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and SOC 2 standards. We use a variety of tools and methodologies to monitor and manage cybersecurity risks and regularly evaluate our cybersecurity posture through activities such as vulnerability scanning, penetration testing, and the use of threat intelligence feeds. Our Information Security Team conducts periodic exercises to assess preparedness for information security incidents, including cybersecurity events. In addition, we promote a company-wide culture of cybersecurity awareness through new employee onboarding and ongoing employee training and education, including periodic phishing simulations. We engage external experts, including cybersecurity assessors, consultants, and auditors, to assist in evaluating and attesting to our risk management systems, including through an annual SOC 2 audit covering the security, availability, confidentiality, and processing integrity trust services criteria. In recognition of the risks associated with third-party service providers, we also conduct risk assessments of selected systems and third-party service providers on an ongoing basis.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In the ordinary course of our business, we collect and store proprietary, confidential, and sensitive data, including legally protected personal information, such as test results and other protected health information (PHI), credit card and other financial information, insurance information, and other personally identifiable information, as well as sensitive intellectual property and other proprietary business information, including that of our customers, payors and collaboration partners. We manage and maintain our applications and data utilizing a combination of on-site systems and cloud-based centers, and utilize internal resources and external security and infrastructure vendors to manage parts of our data centers. We are highly dependent on information technology networks and systems—our own as well as those of third-party vendors and their subcontractors—to securely process, transmit, and store a wide variety of information critical to our business, including research and development information, patient data, commercial information, and business and financial information. Our systems are designed to ensure that all sensitive data is stored appropriately in SOC 1 and SOC 2 compliant platforms. Although we maintain measures designed to protect sensitive information from unauthorized access or loss of access, inappropriate use or disclosure, and inappropriate modification, our information technology systems and infrastructure, and those of our third-party service providers, strategic partners and other contractors, and their subcontractors or consultants, are inherently vulnerable to cybersecurity threats and, from time to time, experience such threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board Oversight Cybersecurity is an important area of focus for our board of directors. The board of directors is responsible for oversight of information security and cybersecurity risks, and we believe the board has the appropriate skills and visibility into the design and operation of our data security practices to fulfill this responsibility effectively. Our Chief Information Security Officer and other members of management provide updates on cybersecurity matters to the board of directors on a quarterly basis, with additional updates as warranted. The board of directors also receives a quarterly cybersecurity report from our Chief Information Security Officer. Management Our Information Security Team, led by our Vice President of Information Technology, who also serves as our Chief Information Security Officer, is accountable for the day-to-day execution of our information security strategy and operations, including enterprise-level information security risk strategy, identification, prioritization, and mitigation. The Information Security Steering Committee, which provides general oversight of the Information Security Team, is led by our Vice President of Information Technology/Chief Information Security Officer and is comprised of members of Company management who collectively have experience and expertise in information technology, enterprise security and risk management, cybersecurity, engineering, privacy, data security, lab operations, quality, and healthcare compliance. The Information Security Steering Committee meets monthly, and more frequently as needed to review matters including updates on existing and emerging cybersecurity risks and threats; prioritization, mitigation, and remediation activities; the status of initiatives to strengthen our information security systems; assessments of our information security program and operations; and prioritized information security incidents, if any.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The board of directors is responsible for oversight of information security and cybersecurity risks, and we believe the board has the appropriate skills and visibility into the design and operation of our data security practices to fulfill this responsibility effectively.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Information Security Officer and other members of management provide updates on cybersecurity matters to the board of directors on a quarterly basis, with additional updates as warranted. The board of directors also receives a quarterly cybersecurity report from our Chief Information Security Officer. Management
Cybersecurity Risk Role of Management [Text Block]	Our Information Security Team, led by our Vice President of Information Technology, who also serves as our Chief Information Security Officer, is accountable for the day-to-day execution of our information security strategy and operations, including enterprise-level information security risk strategy, identification, prioritization, and mitigation. The Information Security Steering Committee, which provides general oversight of the Information Security Team, is led by our Vice President of Information Technology/Chief Information Security Officer and is comprised of members of Company management who collectively have experience and expertise in information technology, enterprise security and risk management, cybersecurity, engineering, privacy, data security, lab operations, quality, and healthcare compliance. The Information Security Steering Committee meets monthly, and more frequently as needed to review matters including updates on existing and emerging cybersecurity risks and threats; prioritization, mitigation, and remediation activities; the status of initiatives to strengthen our information security systems; assessments of our information security program and operations; and prioritized information security incidents, if any.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Information Security Team, led by our Vice President of Information Technology, who also serves as our Chief Information Security Officer, is accountable for the day-to-day execution of our information security strategy and operations, including enterprise-level information security risk strategy, identification, prioritization, and mitigation. The Information Security Steering Committee, which provides general oversight of the Information Security Team, is led by our Vice President of Information Technology/Chief Information Security Officer and is comprised of members of Company management who collectively have experience and expertise in information technology, enterprise security and risk management, cybersecurity, engineering, privacy, data security, lab operations, quality, and healthcare compliance. The Information Security Steering Committee meets monthly, and more frequently as needed to review matters including updates on existing and emerging cybersecurity risks and threats; prioritization, mitigation, and remediation activities; the status of initiatives to strengthen our information security systems; assessments of our information security program and operations; and prioritized information security incidents, if any.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Information Security Steering Committee, which provides general oversight of the Information Security Team, is led by our Vice President of Information Technology/Chief Information Security Officer and is comprised of members of Company management who collectively have experience and expertise in information technology, enterprise security and risk management, cybersecurity, engineering, privacy, data security, lab operations, quality, and healthcare compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Information Security Steering Committee, which provides general oversight of the Information Security Team, is led by our Vice President of Information Technology/Chief Information Security Officer and is comprised of members of Company management who collectively have experience and expertise in information technology, enterprise security and risk management, cybersecurity, engineering, privacy, data security, lab operations, quality, and healthcare compliance. The Information Security Steering Committee meets monthly, and more frequently as needed to review matters including updates on existing and emerging cybersecurity risks and threats; prioritization, mitigation, and remediation activities; the status of initiatives to strengthen our information security systems; assessments of our information security program and operations; and prioritized information security incidents, if any.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 305,112	$ 152,582	$ 71,729
Cost of revenue	96,654	71,667	54,421
Gross profit	208,458	80,915	17,308
Operating expenses:
Research and development	49,384	36,596	22,414
Selling, general and administrative	143,051	91,465	64,389
Total operating expenses	192,435	128,061	86,803
Income (loss) from operations	16,023	(47,146)	(69,495)
Other income (expense):
Interest income	7,750	5,819	3,456
Interest expense	(95)	(2,386)	(3,272)
Net gain on extinguishment of debt	0	7,289	0
Change in fair value of term loan	(8,509)	(3,137)	0
Change in fair value of convertible notes	0	(835)	(12,921)
Other expense, net	(7,410)	(1,145)	(442)
Total other income (expense)	(8,264)	5,605	(13,179)
Income (loss) before provision for income taxes	7,759	(41,541)	(82,674)
Total provision for income taxes	305	29	9
Net income (loss)	7,454	(41,570)	(82,683)
Less: Net income (loss) attributable to participating securities	(4,535)	0	0
Net income (loss) attributable to common stockholders	2,919	(41,570)	(82,683)
Net income (loss) attributable to common stockholders	2,919	(41,570)	(82,683)
Other comprehensive loss, net of taxes:
Change in fair value of term loan attributable to instrument‑specific credit risk	(1,792)	0	0
Other comprehensive loss, net of taxes	(1,792)	0	0
Comprehensive income (loss), net of taxes	$ 5,662	$ (41,570)	$ (82,683)
Net income (loss) per share attributable to common stockholders, basic and diluted:
Net income (loss) per share, basic (in dollars per share)	$ 0.18	$ (4.12)	$ (8.45)
Net income (loss) per share, diluted (in dollars per share)	$ 0.14	$ (4.12)	$ (8.45)
Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders, basic and diluted:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	15,875,091	10,079,925	9,782,770
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	21,230,752	10,079,925	9,782,770

Net Income (Loss) Per Share Attributable to Shareholders - Schedule of Computation of Basic and Dilutive Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss)	$ 7,454	$ (41,570)	$ (82,683)
Less: Net income attributable to participating securities	(4,535)	0	0
Net income (loss) attributable to common stockholders	$ 2,919	$ (41,570)	$ (82,683)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	15,875,091	10,079,925	9,782,770
Net income (loss) per share, basic (in dollars per share)	$ 0.18	$ (4.12)	$ (8.45)
Numerator:
Net income (loss) attributable to common stockholders	$ 2,919	$ (41,570)	$ (82,683)
Denominator:
Outstanding stock options (in shares)	4,701,545	0	0
Restricted stock awards in exchange for non-recourse note (in shares)	548,364	0	0
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	21,230,752	10,079,925	9,782,770
Net income (loss) per share, diluted (in dollars per share)	$ 0.14	$ (4.12)	$ (8.45)
Warrants to purchase redeemable convertible preferred stock
Denominator:
Warrants (in shares)	7,559	0	0
Warrants to purchase common stock
Denominator:
Warrants (in shares)	98,193	0	0

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock


	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

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax at the federal statutory rate	$ 1,630	$ (8,725)	$ (17,250)
Nontaxable or nondeductible items
Meals	963
Stock-based compensation	2,582	1,359	832
Change in fair value of term loan	2,376	689	2,749
Other	147	792	550
Research and development credits	(1,689)	(994)	(796)
Changes in tax laws or rates enacted in the current period	0
Change in valuation allowance	(6,464)	10,119	16,058
Foreign tax effects	0
State and local income taxes, net of federal benefits	169	(1,443)	(2,113)
Debt extinguishment gain or loss		(1,814)	0
Change in unrecognized tax benefit	591
Other		46	(21)
Total provision for income taxes	$ 305	$ 29	$ 9
Percent
Tax at the federal statutory rate	21.00%
Nontaxable or nondeductible items
Meals	12.00%
Stock-based compensation	33.00%
Change in fair value of term loan	31.00%
Other	2.00%
Research and development credits	(22.00%)
Changes in tax laws or rates enacted in the current period	0.00%
Change in valuation allowance	(83.00%)
Foreign tax effects	0.00%
State and local income taxes, net of federal benefits	2.00%
Change in unrecognized tax benefit	8.00%
Total provision for income taxes	4.00%

Leases - Schedule of Other Information Related to Financing Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Amortization of right-of-use assets:	$ 1,855	$ 3,436	$ 3,085
Operating cash flows from financing leases (interest paid):	104	243	361
Total finance lease cost	$ 1,959	$ 3,679	$ 3,446

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 92	$ 0	$ 0
State	213	29	9
Current income tax provision	305	29	9
Deferred:
Federal	0	0	0
State	0	0	0
Deferred income tax provision	0	0	0
Total provision for income taxes	$ 305	$ 29	$ 9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 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 year ended December 31, 2025, 2024 and 2023, the Company contributed $3.5 million, $2.4 million, and $1.7 million to this plan, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details