ADDED
Cautionary Note Regarding Forward-Looking Statements and Summary Risk Factors 3 Certain Definitions 4 PART I FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Stockholders Equity (Deficit ) 7 Condensed Consolidated Statements of Cash Flows 8 Notes to the Condensed Consolidated Financial Statements 9 Item 2.
Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No.
For public entities, this guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning after December 15, 2024.
2023-09 are effective for annual periods beginning after December 15, 2025, with early adoption permitted.
This guidance may be applied retrospectively or prospectively for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027.
2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606, Revenue from Contracts with Customers.
This guidance will be effective on a prospective basis, for interim and annual periods beginning after December 15, 2025.
2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software.
This guidance may be applied using a retrospective, prospective or modified transition approach for interim and annual periods beginning after December 15, 2027.
REMOVED
C autionary Note Regarding F orward -Looking Statements and Summary Risk Factors 3 C ertain Definitions 5 PART I FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Stockholders Equity ( Deficit ) 8 Condensed Consolidated Statements of Cash Flows 9 Notes to the Condensed Consolidated Financial Statements 11 Item 2.
Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No.
For public entities, this guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning after December 15, 2024, with early adoption permitted.
2023-09 are effective for the Company for fiscal years beginning after December 15, 2025, with early adoption permitted.
This guidance may be applied retrospectively or prospectively for annual reporting periods beginning with the Company s consolidated financial statements for the fiscal year ended December 31, 2027, and interim periods beginning with the Company s condensed consolidated financial statements for the fiscal quarter ended March 31, 2028.
Other than the accounting policies discussed below, there have been no material changes to the Company's significant accounting policies during the six months ended June 30, 2025.
Deferred offering costs Deferred offering costs, which consist of direct incremental legal, consulting, accounting and other fees related to the anticipated sale of the Company's common stock in the IPO, were capitalized and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets prior to the IPO.
Fair Value Measurements The Company follows the Financial Accounting Standards Board (the "FASB") ASC 820, Fair Value Measurements and Disclosures ( ASC 820 ) in accounting for fair value measurements.
- Level 3: Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.