Financial Analysis

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 mad …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of September 30, 2025 (in thousands): As of September 30, 2025 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,770 $ - $ - $ 7,770 Total assets $ 7,770 $ - $ - $ 7,770 Liabilities: Redeemable convertible preferred stock warrants $ - $ - $ 406 $ 406 Common stock warrants - - 3,942 3,942 Term loan - - 54,986 54,986 Total liabilities $ - $ - $ 59,334 $ 59,334 The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2024 (in thousands): As of December 31, 2024 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,538 $ - $ - $ 7,538 Total assets $ 7,538 $ - $ - $ 7,538 Liabilities: Redeemable convertible preferred stock warrants $ - $ - $ 230 $ 230 Common stock warrants - - 2,533 2,533 Term loan - - 51,481 51,481 Total liabilities $ - $ - $ 54,244 $ 54,244 Level 3 instruments consist of the Companys Series A-6 redeemable convertible preferred stock warrant liabilities, common stock warrant liabilities, a term loan and convertible notes. The fair values of the Series A-6 redeemable convertible preferred stock warrant and common stock warrant are measured using a probability weighted option pricing model. The significant assumptions used in preparing the option pricing model for valuing the com …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Company has an effective tax rate of (2.31)%, 0.15%, (1.03)% and (0.05)% for the three and nine months ended September 30, 2025 and 2024, respectively. The Company has historically incurred U.S. operating losses prior to the nine months ended September 30, 2025 and has minimal profits in its foreign jurisdictions. The Company updates its estimate of the annual effective tax rate each quarter and makes a cumulative adjustment in such period. The Company recorded immaterial amounts for the three and nine months ended September 30, 2025 and 2024, respectively. Income tax expense (benefit) consists primarily of income taxes for U.S. federal and the states in which the Company conducts business. Due to the Companys history of losses in the United States, a full valuation allowance on substantially all of the Companys deferred tax assets, including net operating loss carryforwards, research and development tax credits, and other book versus tax differences, was maintained. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The enactment of the OBBBA did …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Convertible Notes In September 2022, the Company entered into a Note Purchase Agreement for unsecured Convertible Promissory Notes (the Notes) to several note holders (the Note Holders) with a principal sum of $30.0 million together with interest thereon from the date of the Notes. The Notes accrue interest at a rate of 8.0% per annum, simple interest. The Notes were scheduled to mature on September 20, 2024, and the Company may not make prepayments without written consent of the majority Note holders. During May 2024, concurrent with the issuance of Series D redeemable convertible preferred stock, and pursuant to negotiation with the Note Holders, the Company and Note Holders agreed to settle the Notes through the issuance of Series C-1 redeemable convertible preferred stock to the Note Holders instead of Series D redeemable convertible preferred stock. The Notes converted into an aggregate of 1,726,823 shares of Series C-1 redeemable convertible preferred stock at a conversion price of approximately $19.6143 per share. The change in terms of the Notes was accounted for as a debt extinguishment as the settlement was not pursuant to the original conversion terms. Immediately prior to the extinguishment, the Company recorded a mark-to-market adjustment for the Notes resulting in a loss of $0.8 million for the nine months ended September 30, 2024 which was recorded to change in fair value of convertible notes in the Companys statements of operations and comprehensive income (lo …

LongTermDebtTextBlock · excerpt; the full note is in the filing

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of effective tax rates to statutory rates, as well as additional disaggregation of taxes paid. This ASU also removed disclosure related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. This ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies guidance on the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment. This guidance is effective for the Company beginning on January 1, 2026, and early adoption is permitted, although the Company does not plan to early adopt. The Company is currently evaluating the impact of the adoption of this standard on the Companys financial statement disclosures. In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, respectively, Income StatementReporting …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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

PensionAndOtherPostretirementBenefitsDisclosureTextBlock

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

RelatedPartyTransactionsDisclosureTextBlock

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 Companys wholly owned subsidiary SeqIndia Labs Private Limited which had immaterial activities and was not material to these financial statements and was divested in April 2024. All intercompany transactions and balances have been eliminated upon consolidation. The unaudited interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in the Company's prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on November 6, 2025 (the Final Prospectus). For a summary of the Companys significant accounting policies refer to Note 2. Summary of Significant Accounting Policies in the notes to the financial statements as of and for the year ended December 31, 2024 included in the Final Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2025. Unaudited interim financial information The unaudited financial statements do not include all disclosures, including certain notes required by GAAP on an annual reporting basis. The unaudited interim financial statements have been prepare …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Redeemable Convertible Preferred Stock As of September 30, 2025 and December 31, 2024, redeemable convertible preferred stock consisted of the following (in thousands, except for share data): Shares Authorized Shares Issued and Outstanding Net Carrying Value Aggregate Liquidation Preference Series A-1 1,349,650 1,349,650 $ 3,493 $ 540 Series A-2 1,137,210 1,137,210 2,943 910 Series A-3 899,730 899,730 2,328 900 Series A-4 25,761 25,761 67 50 Series A-5 114,613 114,613 297 100 Series A-6 5,805,861 5,796,201 14,999 15,000 Series B-1 5,182,287 5,182,287 54,889 55,000 Series B-2 2,566,902 2,566,902 27,243 16,025 Series C 6,079,919 5,628,825 143,268 143,500 Series C-1 1,726,823 1,726,823 39,886 33,870 Series D 4,656,233 4,656,233 129,996 156,563 Total 29,544,989 29,084,235 $ 419,409 $ 422,458 Common Stock As of September 30, 2025 and December 31, 2024, the Companys Certificate of Incorporation, as amended, authorized the Company to issue 51,100,000 shares of common stock with a par value of $0.00001. Total common stock outstanding as of September 30, 2025 and December 31, 2024 was 11,178,467 and 10,925,950, respectively. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior rights of holders of all series of stock outstanding. No dividends have been declared or paid by the Company since inception. The Company …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On November 7, 2025, the Company closed its initial public offering (the IPO) of 5,233,765 shares of its Class A common stock, which includes the exercise in full by the underwriters of their option to purchase from the Company 682,665 shares of the Companys Class A common stock, at a price to the public of $60.00 per share. The gross proceeds to the Company from the IPO were $314.0 million and the net proceeds amounted to $286.4 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Immediately prior to the closing of the IPO, each outstanding share of the Companys 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 Companys Class A common stock (the conversion, the Reclassification). Following the Reclassification, and immediately prior to the closing of the IPO, 2,325,108 shares of Class A common stock held by Oguzhan Atay, our Chief Executive Officer and Co-Founder, and 2,227,542 shares of Class A common stock held by David Tsao, our Chief Technology Officer and Co-Founder, were exchanged at a 1:1 ratio for shares of Class B common stock. In connection with the IPO, the Companys Board of Directors adopted, and its stockholders approved, the 2025 Equity Incentive Plan (the 2025 Plan), which became effective on November 5, …

SubsequentEventsTextBlock · excerpt; the full note is in the filing