0001846069-26-000023 | 10-K | XBRL Viewer

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Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	386,327	385,113	379,254
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	386,327	385,113	379,254
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders, basic	$ (33,464)	$ (50,997)	$ (65,975)
Net loss attributable to common stockholders, diluted	$ (33,464)	$ (50,997)	$ (65,975)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	238,509	200,277	169,331
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	238,509	200,277	169,331
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders, basic	$ (20,740)	$ (47,066)	$ (81,790)
Net loss attributable to common stockholders, diluted	$ (20,740)	$ (47,066)	$ (81,790)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	147,818	184,836	209,923
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	147,818	184,836	209,923
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Commitment and Contingencies - Narrative (Details) - Pending Litigation - complaint	Dec. 06, 2024	Oct. 28, 2024
Loss Contingencies [Line Items]
Number of class action complaints	2
Class Action Litigation
Loss Contingencies [Line Items]
Number of class action complaints		2

- 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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitments

As of December 31, 2025, the Company had non-cancellable purchase commitments with certain service providers primarily related to the provision of cloud computing services as follows (in thousands):


2026	$	31,885
2027	11,667

Total	$	43,552

Commitments and Contingencies - Schedule of Purchase Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 31,885
2027	11,667
Total	$ 43,552

Fair Value Measurements - Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 29,023	$ 19,192
Marketable securities	341,429	381,429
Total cash equivalents and marketable securities	370,452	400,621
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	905	3,632
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,863	12,770
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	287,586	284,865
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	6,756	42,382
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	44,319	37,780
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	29,023	17,198
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		1,994
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	29,023	17,198
Marketable securities	0	0
Total cash equivalents and marketable securities	29,023	17,198
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	29,023	17,198
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	1,994
Marketable securities	341,429	381,429
Total cash equivalents and marketable securities	341,429	383,423
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	905	3,632
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,863	12,770
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	287,586	284,865
Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	6,756	42,382
Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	44,319	37,780
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 0	0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		$ 1,994

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 257,646	$ 247,276	$ 218,309
Costs and expenses:
Cost of revenue	40,987	41,850	41,613
Research and development	135,205	127,939	149,998
Sales and marketing	91,029	106,977	122,925
General and administrative	62,367	92,149	76,057
Total costs and expenses	329,588	368,915	390,593
Loss from operations	(71,942)	(121,639)	(172,284)
Interest income	18,758	24,381	25,780
Other income (expense), net	605	(99)	(505)
Loss before income taxes	(52,579)	(97,357)	(147,009)
Provision for income taxes	1,625	706	756
Net loss	$ (54,204)	$ (98,063)	$ (147,765)
Net loss per share attributable to Class A and Class B common stockholders, basic (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in USD per share)	$ (0.14)	$ (0.25)	$ (0.39)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	386,327	385,113	379,254
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	386,327	385,113	379,254

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a recurring basis are classified by level within the fair value hierarchy. There were no financial assets or liabilities measured using Level 3 inputs as of December 31, 2025 and 2024. The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of December 31, 2025
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	29,023	$	—	$	29,023


Total cash equivalents	29,023		—		29,023
Marketable securities:
Certificates of deposit	—		905		905
Commercial paper	—		1,863		1,863
Corporate bonds	—		287,586		287,586
U.S. Treasury securities	—		6,756		6,756

Asset-backed securities	—		44,319		44,319
Total marketable securities	—		341,429		341,429
Total cash equivalents and marketable securities	$	29,023	$	341,429	$	370,452


	As of December 31, 2024
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	17,198	$	—	$	17,198
Corporate bonds	—		1,994		1,994

Total cash equivalents	17,198		1,994		19,192
Marketable securities:
Certificates of deposit	—		3,632		3,632
Commercial paper	—		12,770		12,770
Corporate bonds	—		284,865		284,865
U.S. Treasury securities	—		42,382		42,382

Asset-backed securities	—		37,780		37,780
Total marketable securities	—		381,429		381,429
Total cash equivalents and marketable securities	$	17,198	$	383,423	$	400,621

The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because it determines their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers between levels of the fair value hierarchy during the years ended December 31, 2025 and 2024.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.

Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value

Opportunity Finance Network Loan Agreement

On June 2022, the Company entered into a credit agreement with Opportunity Finance Network (“OFN”) to lend up to an aggregate of $15.0 million, unsecured, over the course of 24 months. As of December 31, 2025, the note receivable from OFN totaled $15.0 million and is recorded under other assets on the consolidated balance sheets.

The following tables present the fair value hierarchy of assets not recorded at fair value (in thousands):


	As of December 31, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,181	$	14,181


	As of December 31, 2024
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,076	$	14,076

As of December 31, 2025 and 2024, there were no other financial instruments or liabilities that were not recorded at fair value.

- 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
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+ Details

Leases - Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,977	$ 10,657	$ 10,347
ROU assets obtained in exchange for new operating lease liabilities	0	0	9,107
Remeasurement of operating lease liability and right-of-use asset	$ 0	$ (18,915)	$ 0
Weighted average remaining lease term (years)	3 years 3 months 18 days	4 years 3 months 18 days
Weighted average discount rate (as a percent)	6.90%	6.90%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, allowance for credit loss	$ 491	$ 451
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock issued (in shares)	262,446,000	224,488,000
Common stock outstanding (in shares)	262,446,000	224,488,000
Class B Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	127,681,000	158,134,000
Common stock outstanding (in shares)	127,681,000	158,134,000

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (54,204)	$ (98,063)	$ (147,765)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,935	3,898	5,769
Stock-based compensation	65,343	74,055	83,025
Non-cash impairment charges related to lease abandonment	0	22,760	0
Accretion of investments	(2,307)	(5,458)	(8,607)
Other	(145)	622	(301)
Changes in operating assets and liabilities:
Accounts receivable, net	(3,212)	(5,149)	3,491
Prepaid expenses and other assets	1,164	30	3,399
Operating lease right-of-use assets	2,872	3,729	4,694
Accounts payable	2,219	(1,646)	(2,640)
Operating lease liabilities	(8,495)	(6,925)	(5,676)
Accrued expenses and other liabilities	1,301	(8,055)	5,338
Net cash provided by (used in) operating activities	6,471	(20,202)	(59,273)
Cash flows from investing activities
Purchases of property and equipment	(580)	(404)	(267)
Purchases of marketable securities	(292,164)	(289,794)	(590,610)
Sales of marketable securities	141,944	185,604	155,418
Maturities of marketable securities	193,371	198,520	504,449
Loan to Opportunity Finance Network	0	(7,500)	(2,500)
Net cash provided by investing activities	42,571	86,426	66,490
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options	2,641	13,336	7,181
Proceeds from issuance of common stock under employee stock purchase plan	1,325	1,075	2,008
Tax withholdings on release of restricted stock units	(19,065)	(19,916)	(273)
Repurchase of common stock	(18,891)	(75,530)	0
Net cash provided by (used in) financing activities	(33,990)	(81,035)	8,916
Effect of exchange rate changes on cash and cash equivalents	(53)	128	35
Net increase (decrease) in cash, cash equivalents, and restricted cash	14,999	(14,683)	16,168
Cash, cash equivalents, and restricted cash at beginning of period	56,721	71,404	55,236
Cash, cash equivalents, and restricted cash at end of period	71,720	56,721	71,404
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	63,341	45,550	60,233
Restricted cash, non-current	8,379	11,171	11,171
Total cash, cash equivalents, and restricted cash	71,720	56,721	71,404
Supplemental cash flow disclosures
Cash paid for taxes	533	1,003	2,407
Non-cash investing and financing activities:
Vesting of restricted stock and early exercised stock options	0	0	174
Lease liabilities arising from obtaining right-of-use assets	0	0	10,665
Remeasurement of operating lease liability and right-of-use asset	$ 0	$ (18,915)	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (54,204)	$ (98,063)	$ (147,765)
Other comprehensive income (loss):
Foreign currency translation adjustments	(53)	128	35
Change in unrealized gain (loss) on available-for-sale marketable securities	699	(154)	3,104
Total other comprehensive income (loss)	646	(26)	3,139
Comprehensive loss	$ (53,558)	$ (98,089)	$ (144,626)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Cash Equivalents and Marketable Securities - Schedule of Gross Unrealized Losses For Available-For-Sale of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Less than twelve months, fair value	$ 23,334	$ 124,668
Less than twelve months, gross unrealized loss	(15)	(368)
Twelve months or greater, fair value	0	6,010
Twelve months or greater, gross unrealized loss	0	(3)
Fair Value	23,334	130,678
Gross Unrealized Loss	(15)	(371)
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Less than twelve months, fair value		1,229
Less than twelve months, gross unrealized loss		(1)
Twelve months or greater, fair value		0
Twelve months or greater, gross unrealized loss		0
Fair Value		1,229
Gross Unrealized Loss		(1)
Commercial paper
Cash and Cash Equivalents [Line Items]
Less than twelve months, fair value		2,258
Less than twelve months, gross unrealized loss		(1)
Twelve months or greater, fair value		0
Twelve months or greater, gross unrealized loss		0
Fair Value		2,258
Gross Unrealized Loss		(1)
Corporate bonds
Cash and Cash Equivalents [Line Items]
Less than twelve months, fair value	23,334	82,499
Less than twelve months, gross unrealized loss	(15)	(216)
Twelve months or greater, fair value	0	418
Twelve months or greater, gross unrealized loss	0	0
Fair Value	23,334	82,917
Gross Unrealized Loss	$ (15)	(216)
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Less than twelve months, fair value		34,286
Less than twelve months, gross unrealized loss		(137)
Twelve months or greater, fair value		5,494
Twelve months or greater, gross unrealized loss		(3)
Fair Value		39,780
Gross Unrealized Loss		(140)
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Less than twelve months, fair value		4,396
Less than twelve months, gross unrealized loss		(13)
Twelve months or greater, fair value		98
Twelve months or greater, gross unrealized loss		0
Fair Value		4,494
Gross Unrealized Loss		$ (13)

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Provision (benefit) for income taxes at U.S. Federal statutory rate	$ (11,042)
State and local income tax, net of federal benefit	187
Research and development tax credits	(2,832)
Executive and equity compensation	3,997
Other	568
Changes in valuation allowance	9,747
Foreign tax effects	468
Unrecognized tax benefit and related items	532
Total income tax expense (benefit)	$ 1,625	$ 706	$ 756
Percent
Provision (benefit) for income taxes at U.S. Federal statutory rate	(21.00%)	(21.00%)	(21.00%)
State and local income tax, net of federal benefit	0.40%
Research and development tax credits	(5.40%)	(3.70%)	(3.20%)
Executive and equity compensation	7.60%	9.20%	5.80%
Other	1.10%
Changes in valuation allowance	18.50%	15.70%	18.00%
Foreign tax effects	0.90%
Unrecognized tax benefit and related items	1.00%
Total tax provision and effective tax rate	3.10%	0.70%	0.50%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Costs, Other Information, and Lease Terms and Discount Rates

The components of lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	5,354	$	7,461	$	9,370
Short-term lease cost	2,186		2,102		1,887
Variable lease cost	2,940		2,925		2,553
Total	$	10,480	$	12,488	$	13,810

Other information related to the Company’s operating leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,977	$	10,657	$	10,347
ROU assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	9,107
Remeasurement of operating lease liability and right-of-use asset	$	—	$	(18,915)	$	—

The weighted average remaining lease term (years) and discount rate related to operating leases were as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term (years)	3.3		4.3
Weighted average discount rate	6.9	%	6.9	%

Schedule of Future Minimum Lease Payments under Operating Leases

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


2026	$	10,777
2027	10,586
2028	10,936
2029	3,704
Total lease payments	36,003
Less: imputed interest	(3,752)
Present value of lease liabilities	32,251
Less: current operating lease liabilities	(8,900)
Long-term operating lease liabilities	$	23,351

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Geography

Revenue disaggregated by geography based on the customers’ location was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	248,610	$	236,687	$	206,484
International	9,036		10,589		11,825
Total	$	257,646	$	247,276	$	218,309

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Entity 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	001-40246
Entity Registrant Name	Nextdoor Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1776836
Entity Address, Address Line One	420 Taylor Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94102
City Area Code	415
Local Phone Number	344-0333
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	NXDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 434.4
Documents Incorporated by Reference	Information required in responses to Part III of Form 10-K is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2026. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Entity Central Index Key	0001846069
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		260,137,108
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		127,588,294

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits - beginning of year	$ 5,633	$ 22,613	$ 18,564
Increases related to current year tax positions	745	771	4,408
Increases related to prior year tax positions	133	152	241
Decreases related to prior year tax positions	(35)	(17,903)	(600)
Gross unrecognized tax benefits - end of year	$ 6,476	$ 5,633	$ 22,613

Stockholders’ Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2025 shares	Mar. 31, 2025 shares	Apr. 30, 2024 shares	Nov. 30, 2021 shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Feb. 21, 2024 USD ($)	May 31, 2022 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Preferred stock authorized (in shares)					50,000,000
Preferred stock, par value (in USD per share) \| $ / shares					$ 0.0001
Preferred stock issued (in shares)					0	0
Preferred stock outstanding (in shares)					0	0
Shares reserved for issuance (in shares)					95,439,000	103,632,000
Options granted (in shares)					0
Options granted, weighted average grant date fair value (in USD per share) \| $ / shares						$ 1.23	$ 1.32
Intrinsic value of options exercised \| $					$ 600	$ 10,800	$ 2,200
Stock-based compensation \| $					65,343	74,055	$ 83,025
Unrecognized stock-based compensation expense \| $					$ 72,300
Unrecognized stock-based compensation expense, expected period of recognition (in years)					2 years
The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved for issuance (in shares)					46,008,885
Increase in number of stock available for grant as a proportion of common stock outstanding (as a percent)					5.00%
Outstanding stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Minimum threshold of voting power (as a percent)					10.00%
Minimum proportion of fair market value of stock options granted to grantees that own more than 10% of voting power (as a percent)					110.00%
Expiration period					10 years
Awards granted during period (in shares)					45,418,000
Outstanding stock options \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period					2 years
Outstanding stock options \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period					3 years
Stock Options - Grantees Owning >10% of Voting Power
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expiration period					5 years
Market-Based Performance Stock Unit \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation \| $					$ 4,100
Market-Based Performance Stock Unit \| The 2021 Plan \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date fair value \| $					$ 2,600	$ 9,300
Class A Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized (in shares)					2,500,000,000	2,500,000,000
Number of votes per share \| vote					1
Common stock purchased (in shares)					10,874,916	30,969,572
Stock repurchase program, authorized amount \| $									$ 100,000
Stock repurchase program, authorized increase amount \| $								$ 150,000
Common stock retired (in shares)					10,874,916	30,969,572
Average cost per share (in USD per share) \| $ / shares					$ 1.73	$ 2.44
Common stock retired, amount \| $					$ 18,800	$ 75,500
Stock repurchase program, remaining authorized repurchase amount \| $					$ 78,400
Class A Common Stock \| The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock purchased (in shares)					798,985	709,637
Class A Common Stock \| ESPP \| The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved for issuance (in shares)				8,901,159
Class A Common Stock \| Unvested RSUs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period					2 years
Class A Common Stock \| Unvested RSUs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period					3 years
Class A Common Stock \| Market-Based Performance Stock Unit \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period			4 years
Awards granted during period (in shares)	947,867	722,005	5,010,020
Class B Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized (in shares)					500,000,000	500,000,000
Number of votes per share \| vote					10
Class B Common Stock \| ESPP \| The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved for issuance (in shares)				89,011,590
Increase in number of stock available for grant as a proportion of common stock outstanding (as a percent)				1.00%
ESPP, purchase price as proportion of common stock price (as a percent)				85.00%

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):


	Year Ended December 31,
	2025				2024				2023
	Class A		Class B		Class A		Class B		Class A		Class B
Net loss attributable to common stockholders	$	(33,464)	$	(20,740)	$	(50,997)	$	(47,066)	$	(65,975)	$	(81,790)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	238,509		147,818		200,277		184,836		169,331		209,923
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.14)	$	(0.14)	$	(0.25)	$	(0.25)	$	(0.39)	$	(0.39)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities outstanding have been excluded from the computations of diluted net loss per share because such securities have an anti-dilutive impact due to losses reported (in thousands):


	Year Ended December 31,
	2025	2024	2023
Outstanding stock options	12,914	21,011	47,858
Unvested RSUs	47,101	42,891	33,515
Shares issuable pursuant to the employee stock purchase plan	661	1,368	1,828
Total	60,676	65,270	83,201

Other Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Balance Sheet Components

Property and Equipment, net

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


	As of December 31,
	2025		2024
Computer equipment and software	$	3,915	$	4,629
Furniture and fixtures	1,568		1,558
Capitalized internal-use software	2,123		2,123
Leasehold improvements	5,378		5,378
Property and equipment, gross	12,984		13,688
Less: accumulated depreciation and amortization	(11,345)		(10,940)
Property and equipment, net	$	1,639	$	2,748

Depreciation and amortization expense was $1.7 million, $2.9 million and $4.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2025		2024
Accrued compensation	$	4,157	$	3,718
Employee stock purchase plan liability	471		708
Deferred revenue	8,027		6,803
Other accrued and current liabilities	7,895		7,971
Accrued expenses and other current liabilities	$	20,550	$	19,200

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(53,007)	$	(97,992)	$	(147,786)
Foreign	428		635		777
Loss before income taxes	$	(52,579)	$	(97,357)	$	(147,009)

Provision for income taxes was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	—	$	—
State	237		165		74
Foreign	541		605		1,321
Total current income tax expense	778		770		1,395
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	847		(64)		(639)
Total deferred income tax expense (benefit)	847		(64)		(639)
Total income tax expense (benefit)	$	1,625	$	706	$	756

The table below provides the updated requirements of ASU 2023-09 for the year ended December 31, 2025. See Note 2. Summary of Significant Accounting Policies—Recent accounting pronouncements for additional details on the adoption of ASU 2023-09.

Income tax expense (benefit) differed from the amount computed by applying the federal statutory income tax rate to pretax loss for the year ended December 31, 2025 as a result of the following (in thousands, except percentages):


	Year Ended December 31, 2025
Provision (benefit) for income taxes at U.S. Federal statutory rate	$	(11,042)	(21.0)	%
State and local income tax, net of federal benefit(1)	187		0.4
U.S. Federal:
Research and development tax credits	(2,832)		(5.4)
Non-taxable or non-deductible items:
Executive and equity compensation	3,997		7.6
Other	568		1.1
Changes in valuation allowance	9,747		18.5
Foreign tax effects	468		0.9
Unrecognized tax benefit and related items	532		1.0
Total tax provision and effective tax rate	$	1,625	3.1	%

(1) State taxes in Texas made up the majority of this category.

The Company's effective tax rate of 3.1% for the year ended December 31, 2025 was primarily driven by the full valuation allowance, stock-based compensation, research and development credits, and foreign tax effects.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory Federal income tax rate as follows:


	Year Ended December 31,
	2024		2023
Statutory rate	(21.0)	%	(21.0)	%
Stock-based compensation	9.2		5.8
Research and development tax credits	(3.7)		(3.2)
Changes in valuation allowance	15.7		18.0
Other	0.5		0.9
Effective tax rate	0.7	%	0.5	%

The Company's effective tax rates were 0.7% and 0.5% for the years ended December 31, 2024 and 2023, respectively. The effective tax rates for these periods were primarily driven by the full valuation allowance, stock-based compensation, research and development credits, and foreign tax effects.

Tax effects of significant items comprising the Company’s deferred taxes were as follows (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	144,432	$	128,783
Credit carryforwards	20,847		17,193
Stock-based compensation	5,005		5,285
Lease liability	7,911		9,894
Capitalized research and development	18,088		24,437
Other	5,084		6,298
Total deferred tax assets	201,367		191,890
Valuation allowance	(198,364)		(187,437)
Total deferred tax assets, net	3,003		4,453
Deferred tax liabilities:
ROU asset basis	(2,839)		(3,508)
Total deferred tax liabilities	(2,839)		(3,508)
Net deferred tax assets	$	164	$	945

Based upon available objective evidence, it is more likely than not that the U.S. net deferred tax assets will not be realized. Accordingly, the Company has established a full valuation allowance for its U.S. net deferred tax assets. The valuation allowance increased by $10.9 million and $5.6 million, respectively, during 2025 and 2024.

Activity related to the Company’s valuation allowance considered the following (in thousands):


	As of December 31,
	2025		2024		2023
Balance, beginning of period	$	187,437	$	181,884	$	150,294
Charged to expenses	10,927		5,553		31,590
Balance, end of period	$	198,364	$	187,437	$	181,884

As of December 31, 2025, the Company had federal net operating loss carryforwards of $583.9 million, which begin to expire in 2028, and state net operating loss carryforwards of $365.5 million, which begin to expire in 2026. Of the $583.9 million U.S. federal net operating losses $404.8 million is carried forward indefinitely but is limited to 80% of current year taxable income. As of December 31, 2025, the Company had federal tax credits of $18.5 million, which begin to expire in 2028, and state tax credits of $10.2 million, which do not expire. The Internal Revenue Code (“IRC”) limits the amount of net operating loss carryforwards that a company may use in a given year in the event of certain cumulative changes in ownership over a three-year period as described in

Section 382 of the IRC. Utilization of net operating loss carryforwards and credits may be subject to annual limitation due to the ownership change limitations provided by the IRC, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization.

The Company accounts for uncertainty in income taxes in accordance with ASC 740 Income Taxes. Tax positions are evaluated in a two-step process, whereby the Company first determines whether it is more likely than not that a tax position will be sustained upon examination by the tax authority, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

A reconciliation of the beginning and ending balances of unrecognized tax benefit were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Gross unrecognized tax benefits - beginning of year	$	5,633	$	22,613	$	18,564
Increases related to current year tax positions	745		771		4,408
Increases related to prior year tax positions	133		152		241
Decreases related to prior year tax positions	(35)		(17,903)		(600)
Gross unrecognized tax benefits - end of year	$	6,476	$	5,633	$	22,613

The amount of the Company's unrecognized tax benefits that would affect the Company's effective tax rate, if recognized, is $0.4 million.

The Company has net operating losses in the United States federal and various state jurisdictions for which the tax years beginning in 2007 are open to examination by applicable taxing authorities.

Income taxes paid during the year ended December 31, 2025 were $0.5 million, consisting primarily of foreign and state taxes.

- 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-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
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-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
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-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

Stockholders’ Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	21,011,000
Options granted (in shares)	0
Options exercised (in shares)	(1,351,000)
Options forfeited or expired (in shares)	(6,746,000)
Ending balance (in shares)	12,914,000	21,011,000
Exercisable (in shares)	12,895,000
Vested or expected to vest (in shares)	12,914,000
Weighted- Average Exercise Price
Beginning balance (in USD per share)	$ 2.71
Options granted (in USD per share)	0
Options exercised (in USD per share)	1.95
Options forfeited or expired (in USD per share)	2.83
Ending balance (in USD per share)	2.73	$ 2.71
Exercisable (in USD per share)	2.73
Vested and expected to vest (in USD per share)	$ 2.73
Additional Disclosures
Options outstanding, weighted average remaining contractual term (years)	4 years 4 months 24 days	4 years 8 months 12 days
Options vested and exercisable, weighted average remaining contractual term (years)	4 years 4 months 24 days
Vested and expected to vest, weighted average remaining contractual term (years)	4 years 4 months 24 days
Options outstanding, aggregate intrinsic value	$ 1,461	$ 3,326
Exercisable, aggregate intrinsic value	1,452
Vested and expected to vest, aggregate intrinsic value	$ 1,461

Restructuring - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Stock-Based Compensation Expense		$ 65,343	$ 74,055	$ 83,025
Research and development
Restructuring Cost and Reserve [Line Items]
Stock-Based Compensation Expense		36,849	39,037	43,619
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Stock-Based Compensation Expense		8,888	9,671	12,548
General and administrative
Restructuring Cost and Reserve [Line Items]
Stock-Based Compensation Expense		16,770	22,611	23,657
Cost Reduction Plan \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Office space reductions	$ 22,800		22,760
Severance and Related Charges	$ 2,800	4,660	2,818	9,888
Stock-Based Compensation Expense		969		1,211
Total		5,629	25,578	11,099
Cost Reduction Plan \| Research and development \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Office space reductions			0
Severance and Related Charges		2,660	250	5,141
Stock-Based Compensation Expense		792		903
Total		3,452	$ 250	6,044
Restructuring charges, statement of income or comprehensive income [Extensible Enumeration]			Research and development
Cost Reduction Plan \| Sales and marketing \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Office space reductions			$ 0
Severance and Related Charges		1,250	1,956	2,984
Stock-Based Compensation Expense		126		228
Total		1,376	$ 1,956	3,212
Restructuring charges, statement of income or comprehensive income [Extensible Enumeration]			General and administrative
Cost Reduction Plan \| General and administrative \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Office space reductions			$ 22,760
Severance and Related Charges		750	612	1,763
Stock-Based Compensation Expense		51		80
Total		$ 801	$ 23,372	$ 1,843
Restructuring charges, statement of income or comprehensive income [Extensible Enumeration]			Sales and marketing

Cash Equivalents and Marketable Securities - Schedule of Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due within one year	$ 113,832	$ 171,990
Due after one to three years	226,355	208,896
Total	340,187	380,886
Estimated Fair Value
Due within one year	114,172	172,333
Due after one to three years	227,257	209,096
Total	$ 341,429	$ 381,429

Other Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Net

Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Life
Computer equipment and software			3 years
Furniture and fixtures			5 years
Leasehold improvements			Shorter of the estimated useful life of 5 years or the lease term

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


	As of December 31,
	2025		2024
Computer equipment and software	$	3,915	$	4,629
Furniture and fixtures	1,568		1,558
Capitalized internal-use software	2,123		2,123
Leasehold improvements	5,378		5,378
Property and equipment, gross	12,984		13,688
Less: accumulated depreciation and amortization	(11,345)		(10,940)
Property and equipment, net	$	1,639	$	2,748

Schedule of Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2025		2024
Accrued compensation	$	4,157	$	3,718
Employee stock purchase plan liability	471		708
Deferred revenue	8,027		6,803
Other accrued and current liabilities	7,895		7,971
Accrued expenses and other current liabilities	$	20,550	$	19,200

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on December 31.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates include, but are not limited to, valuation of financial instruments, valuation of stock-based awards, revenue recognition, collectability of accounts receivable, valuation of acquired intangible assets and goodwill, useful lives of intangible assets, useful lives of property and equipment, the incremental borrowing rate applied in lease accounting, income taxes and deferred income tax assets and associated valuation allowances. The Company bases these estimates and assumptions on historical experience and various other assumptions that it considers reasonable. The actual results could differ materially from these estimates.

Foreign Currency

The functional currency of the Company’s international subsidiaries is generally their local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end exchange rates for assets and liabilities, historical exchange rates for equity, and average exchange rates for revenue and expenses. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). Unrealized foreign exchange gains and losses due to the re-measurement of monetary assets and liabilities denominated in non-functional currencies and realized foreign exchange gains and losses on foreign exchange transactions are recorded in other income (expense), net in the consolidated statements of operations.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid investments with insignificant interest rate risk and original maturities of three months or less at the time of purchase. Cash and cash equivalents include cash held in banks, demand deposits, money market funds, corporate bonds, and commercial paper. Interest is accrued as earned. Cash and cash equivalents are recorded at cost, which approximates fair value.

Marketable Securities

The Company’s marketable securities are comprised of certificates of deposit, commercial paper, corporate bonds, U.S. Treasury securities, U.S. agency bonds, and asset-backed securities. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its investments, including securities with stated maturities beyond 12 months, within current assets on the consolidated balance sheets.

Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses on these investments are reported as a separate component of accumulated other comprehensive income (loss) on the consolidated balance sheets until realized. Interest income is reported within interest income in the consolidated statements of operations. The Company periodically evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value is less than the Company’s cost basis, the financial condition and near-term prospects of the investee. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. If the Company determines that the decline in an investment’s fair value is other than temporary, the difference is recognized as an impairment loss in the consolidated statements of operations.

Fair Value Measurements

The Company accounts for certain assets and liabilities at fair value, which is the expected exchange price that would be received for an asset or an exit price paid to transfer a liability in an orderly transaction between market participants on the measurement date. Assets and liabilities measured at fair value are classified into the following categories based on the degree to which the inputs the Company uses to measure the fair values are observable in active markets. The Company uses the most observable inputs available when measuring fair value.

•Level 1: Observable inputs such as unadjusted quoted prices for identical assets or liabilities in active markets;

•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means; and

•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Accounts Receivable and Allowance for Doubtful Accounts

The Company records accounts receivable at the original invoiced amount. The Company maintains an allowance for doubtful accounts for any receivables it may be unable to collect and reduces the allowance when it determines that it will be unable to collect specific receivables. The Company determines the allowance based on its receivables’ age, the customers’ credit quality, and current economic conditions, among other factors that may affect the customers’ ability to pay.

Restricted Cash

The Company’s restricted cash balance is invested in a savings account and pledged as collateral for standby letters of credit as security deposits for the Company’s office leases.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Life
Computer equipment and software			3 years
Furniture and fixtures			5 years
Leasehold improvements			Shorter of the estimated useful life of 5 years or the lease term

Maintenance and repair costs are expensed as incurred.

Capitalized Internal-use Software

The Company capitalizes internal-use software costs when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed, and the software will be used as intended. Costs related to preliminary project activities and post-implementation activities are expensed as incurred and costs related to the application development stage are capitalized. Capitalized costs are recorded as part of property and equipment, net. The

capitalized costs related to internal-use software are amortized on a straight-line basis over an estimated useful life of two to three years. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Goodwill and Other Acquired Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in connection with business combinations accounted for using the acquisition method of accounting. Goodwill is not amortized, but is tested for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. For all periods presented the Company had one reporting unit. The Company’s test for goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. If the Company determines, based on the qualitative factors, that the fair value of the reporting unit is more likely than not to be less than the carrying amount, then a quantitative goodwill impairment test is required. There was no impairment of goodwill recorded for the periods presented.

Intangible assets consist of identifiable intangible assets, including customer relationships and developed technology, resulting from the Company’s acquisitions. Acquired intangible assets are recorded at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization costs are recorded in sales and marketing in the consolidated statements of operations.

Impairment of Long-Lived Assets

Leases

The Company has various lease agreements related to real estate that are all classified as operating leases. At the inception of the Company’s contracts it determines if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected not to separate the lease and non-lease components within the contract. For leases that have greater than a 12-month lease term, right-of-use (“ROU”) assets and operating lease liabilities are recognized on the consolidated balance sheets at commencement date based on the present value of remaining fixed lease payments.

Certain of the Company’s leases include options to extend the lease, with renewal terms that can extend the lease term from one month to five years. If the Company is reasonably certain to exercise an option to extend a lease, the extension period is included as part of the ROU asset and the operating lease liability.

When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate at lease commencement in order to discount lease payments to present value for purposes of performing lease classification tests and measuring the lease liability. The Company’s incremental borrowing rate represents the rate of interest the Company would have to pay to borrow, on a collateralized basis, over a similar term an amount equal to the lease payments in a similar economic environment.

The operating lease ROU asset also includes accrued lease expense resulting from the straight-line accounting under prior accounting methods, which is now being amortized over the remaining life of the lease.

The Company’s lease payments are largely fixed. Variable lease payments exist in circumstances such as payments for property tax, insurance, and common area maintenance. Variable lease payments are recognized in operating expense in the period in which the obligation for those payments are incurred. Certain of the Company’s leases include an option to early terminate the lease. The Company’s leases may contain early termination options which may result in an early termination fee. The Company has a significant lease for its headquarters in San Francisco, California, which does not include an option to early terminate.

For the Company’s leases, it has elected to not apply the recognition requirements to leases of twelve months or less. These leases are expensed on a straight-line basis and no ROU asset or operating lease liability is recorded.

Concentration of Credit and Customer Risks

Financial instruments that are exposed to concentrations of credit risk consist principally of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains cash and cash equivalents and marketable securities with domestic and foreign financial institutions and at times may exceed federally insured limits. The Company performs periodic evaluations of the relative credit standing of these institutions. The Company maintains investments in U.S. government debt and agency securities, corporate debt securities, and commercial paper that carry high credit ratings and accordingly, minimal credit risk exists with respect to these balances.

Revenue Recognition, Deferred Revenue, Practical Expedients and Exemptions, and Cost of Revenue

Revenue Recognition

The Company generates a majority of its revenue from the delivery of advertising services.

The Company determines revenue recognition through the following steps:

(1)Identification of the contract, or contracts, with a customer;

(2)Identification of the performance obligations in the contract;

(3)Determination of the transaction price;

(4)Allocation of the transaction price to the performance obligations in the contract; and

(5)Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company recognizes advertising revenue after satisfying its contractual performance obligation, which, for the majority of its advertising arrangements, is when an advertising impression is displayed to users. None of the Company’s arrangements contain minimum impression guarantees. The Company typically bills advertisers on a monthly basis and the payment terms vary by customer type and location. The Company has other advertising arrangements which are typically fixed-fee arrangements and revenue is recognized on a straight-line basis over the non-cancellable contractual term of the agreement, generally beginning on the date its service is made available to the customer.

Deferred Revenue

In certain advertising arrangements the Company requires payment upfront from its customers. The Company records deferred revenue when it collects cash from customers in advance of revenue recognition. As of December 31, 2025 and 2024, deferred revenue was $8.0 million and $6.8 million, respectively, and included within accrued expenses and other current liabilities on the consolidated balance sheets. For the years ended December 31, 2025 and 2024, revenue recognized from deferred revenue at the beginning of each year was $3.6 million and $5.9 million, respectively.

Practical Expedients and Exemptions

The Company expenses sales commissions as incurred because the expected period of benefit is less than one year. These costs are recorded within sales and marketing expenses in the consolidated statements of operations.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.

Cost of Revenue

Cost of revenue consists primarily of expenses associated with the delivery of the Company’s revenue generating activities, including the third-party cost of hosting its platform and allocated personnel-related costs, which include salaries, benefits, and stock-based compensation for employees engaged in development of its revenue generating products. Cost of revenue also includes third-party costs associated with delivering and supporting its advertising services and credit card transaction fees related to processing customer transactions.

Research and Development

Research and development expenses consist primarily of personnel-related costs, including salaries, benefits, restructuring costs, and stock-based compensation for its employees engaged in research and development, as well as costs for consultants, contractors and third-party software. In addition, allocated overhead costs, such as facilities, information technology, and depreciation are included in research and development expenses.

Sales and Marketing, and General and Administrative

Sales and Marketing

Sales and marketing expenses consist primarily of personnel-related costs and other costs which include salaries, commissions, benefits, restructuring costs, and stock-based compensation for employees engaged in sales and marketing activities as well as other costs including third-party consulting, public relations, and allocated overhead costs. Sales and marketing expenses also include brand and performance marketing for both user and local business acquisition, and neighbor services, which includes personnel-related costs for the Company's neighbor support team, its outsourced neighbor support function, and verification costs.

General and Administrative

General and administrative expenses consist primarily of personnel-related costs, including salaries, benefits, restructuring costs, and stock-based compensation, for certain executives, finance, legal, information technology, human resources, and other administrative employees. In addition, general and administrative expenses include fees and costs for professional services, including consulting, third-party legal and accounting services, and allocated overhead costs.

Advertising Costs

Advertising costs which consist primarily of brand and performance marketing are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operations.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred income taxes are recognized for tax carryforwards and differences between financial reporting and tax bases of assets and liabilities at the enacted statutory tax rates in effect for the years in which the temporary differences are expected to reverse. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the U.S. net deferred tax assets have been fully offset by a valuation allowance.

The Company operates in various tax jurisdictions which are subject to audit by various tax authorities. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% cumulative likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the income tax provision in the consolidated statements of operations and income tax liabilities on the consolidated balance sheets.

Net Loss Per Share Attributable to Common Stockholders

The Company presents net loss per share attributable to common stockholders in conformity with the two-class method required for multiple classes of common stock and participating securities. Under the two-class method, net loss is attributed to common stockholders and participating securities based on their participation rights. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share proportionately in the Company’s net losses. The Company considers its unvested restricted stock to be participating securities and contractually entitles the holders of such shares to participate in dividends but does not contractually obligate the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to these securities.

The Company computes basic net loss per share attributable to common stockholders by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by giving effect to all

potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because all potentially dilutive securities are anti-dilutive.

Stock-Based Compensation

Stock-based compensation expense for stock-based awards granted to employees and non-employees is measured based on the grant date fair value of the awards and recognized in the consolidated statements of operations on a straight-line basis over the period during which services are provided in exchange for the award, generally, the vesting period of the award. The grant date fair value of stock options granted is estimated using the Black-Scholes option pricing model. The grant date fair value of awards with a market condition is estimated using a Monte Carlo simulation valuation model. Forfeitures are accounted for as they occur.

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

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands income tax disclosures primarily related to an entity’s rate reconciliation and information on income taxes paid. The Company adopted this standard during the year ended December 31, 2025 and the guidance was applied prospectively, resulting in additional disclosures related to the Company’s income taxes. See Note 11 - Income Taxes for further detail. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures to disaggregate income statement expense items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Foreign Currency

Cash and Cash Equivalents

Marketable Securities

Fair Value Measurements

•Level 1: Observable inputs such as unadjusted quoted prices for identical assets or liabilities in active markets;

•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Accounts Receivable and Allowance for Doubtful Accounts

Restricted Cash

The Company’s restricted cash balance is invested in a savings account and pledged as collateral for standby letters of credit as security deposits for the Company’s office leases.

Property and Equipment


			Estimated Useful Life
Computer equipment and software			3 years
Furniture and fixtures			5 years
Leasehold improvements			Shorter of the estimated useful life of 5 years or the lease term

Maintenance and repair costs are expensed as incurred.

Capitalized Internal-use Software

Goodwill and Other Acquired Intangible Assets

Impairment of Long-Lived Assets

Property and equipment and other long-lived assets, such as finite-lived intangible assets, subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If impairment is indicated, an impairment loss is recognized as the amount by which the carrying amount exceeds the fair value. No impairment was recorded for long-lived assets for the year ended December 31, 2025. The Company recorded $2.9 million of impairment charges for property and equipment for the year ended December 31, 2024. For additional information, please see Note 13 - Restructuring.

Leases

Concentration of Credit and Customer Risks

No customer accounted for 10% or more of the Company’s accounts receivable as of December 31, 2025. One customer accounted for 14% of the Company’s accounts receivable as of December 31, 2024. No customer accounted for 10% or more of the Company’s total revenue for the years ended December 31, 2025, 2024 and 2023.

Revenue Recognition

The Company generates a majority of its revenue from the delivery of advertising services.

The Company determines revenue recognition through the following steps:

(1)Identification of the contract, or contracts, with a customer;

(2)Identification of the performance obligations in the contract;

(3)Determination of the transaction price;

(4)Allocation of the transaction price to the performance obligations in the contract; and

(5)Recognition of revenue when, or as, the Company satisfies a performance obligation.

Deferred Revenue

Practical Expedients and Exemptions

Cost of Revenue

Research and Development

Sales and Marketing

General and Administrative

Advertising Costs

Advertising costs which consist primarily of brand and performance marketing are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operations. Total advertising costs incurred were $13.1 million, $18.9 million, and $18.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Income Taxes

Net Loss Per Share Attributable to Common Stockholders

Stock-Based Compensation

Recently Adopted Accounting Pronouncements

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

As of December 31, 2025, the Company had non-cancellable purchase commitments with certain service providers primarily related to the provision of cloud computing services as follows (in thousands):


2026	$	31,885
2027	11,667

Total	$	43,552

Legal matters

In addition to the litigation discussed below, from time to time, the Company is a party to a variety of claims, lawsuits, and proceedings which arise in the ordinary course of business, including claims of alleged infringement of intellectual property rights. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. The Company discloses potential losses when they are reasonably possible. In the Company’s opinion, resolution of such pending matters is not likely to have a material adverse impact on its consolidated results of operations, cash flows, or its financial position. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. There were no such material matters as of December 31, 2025.

The matters discussed below summarize the Company’s current significant ongoing pending legal proceedings as of December 31, 2025.

Securities and Derivative Litigation

On February 28, 2024, a securities class action complaint was filed against the Company and certain of its former executive officers (collectively, the “Defendants”) in the U.S. District Court for the Northern District of California. The lawsuit alleges that Defendants violated the Securities Exchange Act of 1934, as amended, by making materially false and misleading statements about the Company’s business and prospects for future growth in the period between July 6, 2021 and November 8, 2022. Motions for the lead plaintiff were filed on April 29, 2024 and the court appointed a lead plaintiff on July 12, 2024. The lead plaintiff filed the amended complaint on September 10, 2024. The Company filed a Motion to Dismiss on November 12, 2024. On May 19, 2025, the court granted the Motion to Dismiss in its entirety, but also granted the lead plaintiff leave to amend the complaint. On June 16, 2025, the lead plaintiff filed a second amended complaint that (i) brought claims solely against the Company and Sarah Friar, (ii) limited the challenged statements to a single statement, and (iii) narrowed the putative class period to May 10, 2022 through November 7, 2022. The Company’s Motion to Dismiss the second amended complaint was filed on July 31, 2025, and the lead plaintiff filed its opposition to the motion on September 15, 2025. The Company filed its reply brief on October 15, 2025. On November 20, 2025, the court granted the Company’s motion to dismiss with prejudice and entered judgment in favor of Defendants. The lead plaintiff did not appeal the order.

On July 26, 2024, a purported shareholder derivative complaint was filed in the U.S. District Court for the Northern District of California. The complaint named as defendants certain of the Company’s former and current officers and directors, as well as the Company as nominal defendant, and asserted state and federal claims based on some of the same alleged misstatements as the securities class action complaint described above. The complaint sought unspecified damages, attorneys’ fees, and other costs. On January 7, 2026, the lawsuit was dismissed.

Class Action Litigation

On October 28, 2024 and October 29, 2024, two class action complaints were filed in the Delaware Court of Chancery against the Company, certain of the Company’s former officers, certain of the former officers and directors of the special purpose acquisition company KVSB into which the Company merged on November 5, 2021, the sponsor of the Company’s special purpose acquisition merger Khosla Ventures SPAC Sponsor II LLC (the “Sponsor”), and certain entities allegedly related to the Sponsor. The two complaints were consolidated on December 6, 2024 and the plaintiffs filed a consolidated complaint on December 26, 2024. The consolidated complaint is brought on behalf of a class of KVSB stockholders who could have, but did not, choose to redeem their KVSB shares in connection with the November 5, 2021 merger between KVSB and the Company. The consolidated complaint alleges that defendants breached various duties to KVSB stockholders by making false or misleading statements and/or aided and abetted such breaches. The consolidated complaint also alleges claims for unjust enrichment. The consolidated complaint seeks damages, disgorgement, attorneys’ fees, and other costs. Defendants answered the consolidated complaint on February 10, 2025, following

which discovery commenced. Defendants’ motion for judgment on the pleadings is currently pending before the Court. The Company intends to vigorously defend against the claims in these actions. Given the procedural posture and the nature of such litigation matters, the Company is currently unable to estimate the reasonably possible loss or range of loss, if any, that may result from these matters. Any litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could materially and adversely impact its business, results of operations, financial condition, and prospects.

Indemnification

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its customers, partners, suppliers, and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement, or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. For the years ended December 31, 2025, 2024 and 2023, the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. The Company believes the fair value of these liabilities is not material and accordingly has no liabilities recorded for these agreements as of December 31, 2025 and 2024.

Description of Business (Details) neighbor in Millions	Dec. 31, 2025 neighbor
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of verified neighbors	105

Restructuring - Narrative (Details) - Employee Severance - Cost Reduction Plan $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2024 USD ($) employee	Dec. 31, 2023	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			$ 0
Number of employees impacted \| employee	38
Restructuring charges	$ 2,800		$ 4,660	$ 2,818	$ 9,888
Office space reductions	$ 22,800			$ 22,760
Full-time employee reduction, percentage		25.00%

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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 + Details

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 0	$ 0	$ 0
State	237	165	74
Foreign	541	605	1,321
Total current income tax expense	778	770	1,395
Deferred:
Federal	0	0	0
State	0	0	0
Foreign	847	(64)	(639)
Total deferred income tax expense (benefit)	847	(64)	(639)
Total income tax expense (benefit)	$ 1,625	$ 706	$ 756

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):


	Year Ended December 31,
	2025				2024				2023
	Class A		Class B		Class A		Class B		Class A		Class B
Net loss attributable to common stockholders	$	(33,464)	$	(20,740)	$	(50,997)	$	(47,066)	$	(65,975)	$	(81,790)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	238,509		147,818		200,277		184,836		169,331		209,923
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.14)	$	(0.14)	$	(0.25)	$	(0.25)	$	(0.39)	$	(0.39)


	Year Ended December 31,
	2025	2024	2023
Outstanding stock options	12,914	21,011	47,858
Unvested RSUs	47,101	42,891	33,515
Shares issuable pursuant to the employee stock purchase plan	661	1,368	1,828
Total	60,676	65,270	83,201

Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 29, 2022	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 370,452,000	$ 400,621,000
Opportunity Finance Network
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans agreement, maximum lending capacity	$ 15,000,000.0
Loan agreement, lending grand, terms (in months)	24 months
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0	0
Financial liabilities		$ 0	$ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California
Auditor Firm ID	42

Segment and Geographical Information

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Segment and Geographical Information

The Company has one reportable and operating segment. The Company’s CODM is its CEO, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Net loss is the Company’s primary measure of profit or loss. Cost of revenue, research and development, sales and marketing, and general and administrative expenses are considered significant segment expenses and are reflected in the consolidated statement of operations. Other segment items included in consolidated net loss are interest income, other income (expense), net and the provision for income taxes, which are also reflected in the consolidated statements of operations.

Revenue disaggregated by geography based on the customers’ location was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	248,610	$	236,687	$	206,484
International	9,036		10,589		11,825
Total	$	257,646	$	247,276	$	218,309

Substantially all of the Company’s long-lived assets are located in the United States.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ 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 are computed using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Life
Computer equipment and software			3 years
Furniture and fixtures			5 years
Leasehold improvements			Shorter of the estimated useful life of 5 years or the lease term

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


	As of December 31,
	2025		2024
Computer equipment and software	$	3,915	$	4,629
Furniture and fixtures	1,568		1,558
Capitalized internal-use software	2,123		2,123
Leasehold improvements	5,378		5,378
Property and equipment, gross	12,984		13,688
Less: accumulated depreciation and amortization	(11,345)		(10,940)
Property and equipment, net	$	1,639	$	2,748

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Capitalized software costs	$ 0	$ 0
Number of reporting units \| unit	1
Goodwill impairment	$ 0
Long-lived asset impairment	0	$ 2,900,000
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income, extensible enumeration, not disclosed flag		true
Deferred revenue	8,027,000	$ 6,803,000
Revenue recognized from contract with customer	3,600,000	5,900,000
Advertising expense	$ 13,100,000	$ 18,900,000	$ 18,100,000
Customer Concentration Risk \| Accounts Receivable \| One Customer
Concentration Risk [Line Items]
Concentration risk (as a percent)		14.00%
Minimum
Concentration Risk [Line Items]
Lessee, operating lease, renewal term	1 month
Maximum
Concentration Risk [Line Items]
Lessee, operating lease, renewal term	5 years
Capitalized internal-use software \| Minimum
Concentration Risk [Line Items]
Property and equipment, useful life	2 years
Capitalized internal-use software \| Maximum
Concentration Risk [Line Items]
Property and equipment, useful life	3 years

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (53,007)	$ (97,992)	$ (147,786)
Foreign	428	635	777
Loss before income taxes	$ (52,579)	$ (97,357)	$ (147,009)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses	$ 144,432	$ 128,783
Credit carryforwards	20,847	17,193
Stock-based compensation	5,005	5,285
Lease liability	7,911	9,894
Capitalized research and development	18,088	24,437
Other	5,084	6,298
Total deferred tax assets	201,367	191,890
Valuation allowance	(198,364)	(187,437)
Total deferred tax assets, net	3,003	4,453
Deferred tax liabilities:
ROU asset basis	(2,839)	(3,508)
Total deferred tax liabilities	(2,839)	(3,508)
Net deferred tax assets	$ 164	$ 945

Restructuring (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2025 (in thousands):


	Severance and Related Charges		Stock-Based Compensation Expense		Total
Research and development	$	2,660	$	792	$	3,452
Sales and marketing	1,250		126		1,376
General and administrative	750		51		801
Total	$	4,660	$	969	$	5,629

The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2024 (in thousands).


	Office Space Reductions (1)		Severance and Related Charges		Total
Research and development	$	—	$	250	$	250
Sales and marketing	—		1,956		1,956
General and administrative	22,760		612		23,372
Total	$	22,760	$	2,818	$	25,578

(1) Office space reductions are primarily non-cash and include impairment charges related to operating lease right-of-use assets, leasehold improvements and furniture and fixtures.

The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2023 (in thousands):


	Severance and Related Charges		Stock-Based Compensation Expense		Total
Research and development	$	5,141	$	903	$	6,044
Sales and marketing	2,984		228		3,212
General and administrative	1,763		80		1,843
Total	$	9,888	$	1,211	$	11,099

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

Other Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense related to property and equipment	$ 1.7	$ 2.9	$ 4.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Taxes

Loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(53,007)	$	(97,992)	$	(147,786)
Foreign	428		635		777
Loss before income taxes	$	(52,579)	$	(97,357)	$	(147,009)

Schedule of Provision for Income Taxes

Provision for income taxes was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	—	$	—
State	237		165		74
Foreign	541		605		1,321
Total current income tax expense	778		770		1,395
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	847		(64)		(639)
Total deferred income tax expense (benefit)	847		(64)		(639)
Total income tax expense (benefit)	$	1,625	$	706	$	756

Schedule of Effective Tax Rate


	Year Ended December 31, 2025
Provision (benefit) for income taxes at U.S. Federal statutory rate	$	(11,042)	(21.0)	%
State and local income tax, net of federal benefit(1)	187		0.4
U.S. Federal:
Research and development tax credits	(2,832)		(5.4)
Non-taxable or non-deductible items:
Executive and equity compensation	3,997		7.6
Other	568		1.1
Changes in valuation allowance	9,747		18.5
Foreign tax effects	468		0.9
Unrecognized tax benefit and related items	532		1.0
Total tax provision and effective tax rate	$	1,625	3.1	%

(1) State taxes in Texas made up the majority of this category.


	Year Ended December 31,
	2024		2023
Statutory rate	(21.0)	%	(21.0)	%
Stock-based compensation	9.2		5.8
Research and development tax credits	(3.7)		(3.2)
Changes in valuation allowance	15.7		18.0
Other	0.5		0.9
Effective tax rate	0.7	%	0.5	%

Schedule of Deferred Taxes

Tax effects of significant items comprising the Company’s deferred taxes were as follows (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	144,432	$	128,783
Credit carryforwards	20,847		17,193
Stock-based compensation	5,005		5,285
Lease liability	7,911		9,894
Capitalized research and development	18,088		24,437
Other	5,084		6,298
Total deferred tax assets	201,367		191,890
Valuation allowance	(198,364)		(187,437)
Total deferred tax assets, net	3,003		4,453
Deferred tax liabilities:
ROU asset basis	(2,839)		(3,508)
Total deferred tax liabilities	(2,839)		(3,508)
Net deferred tax assets	$	164	$	945

Schedule of Company’s Valuation Allowance

Activity related to the Company’s valuation allowance considered the following (in thousands):


	As of December 31,
	2025		2024		2023
Balance, beginning of period	$	187,437	$	181,884	$	150,294
Charged to expenses	10,927		5,553		31,590
Balance, end of period	$	198,364	$	187,437	$	181,884

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefit were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Gross unrecognized tax benefits - beginning of year	$	5,633	$	22,613	$	18,564
Increases related to current year tax positions	745		771		4,408
Increases related to prior year tax positions	133		152		241
Decreases related to prior year tax positions	(35)		(17,903)		(600)
Gross unrecognized tax benefits - end of year	$	6,476	$	5,633	$	22,613

Segment and Geographical Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 257,646	$ 247,276	$ 218,309
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	248,610	236,687	206,484
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 9,036	$ 10,589	$ 11,825

- Definition

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

+ References

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+ Details

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

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 10,777
2027	10,586
2028	10,936
2029	3,704
Total lease payments	36,003
Less: imputed interest	(3,752)
Present value of lease liabilities	32,251
Less: current operating lease liabilities	(8,900)	$ (8,495)
Long-term operating lease liabilities	$ 23,351	$ 32,251

Stockholders’ Equity - Stock-based Compensation Expense (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]
Stock-Based Compensation Expense	$ 65,343	$ 74,055	$ 83,025
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	2,836	2,736	3,201
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	36,849	39,037	43,619
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	8,888	9,671	12,548
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 16,770	$ 22,611	$ 23,657

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has entered into various non-cancellable office facility leases in various locations with original lease periods expiring between 2020 and 2029, with its primary office location in San Francisco, California. The Company entered into a lease consisting of multiple floors for its San Francisco headquarters in 2019, with a lease term through 2029. On January 30, 2023, the Company entered into a lease amendment for its headquarters lease. The lease amendment extended the lease term through April 30, 2032, and resulted

in an increase to right-of-use assets and operating lease liabilities. During the second quarter of 2024, the Company determined it was no longer reasonably certain that the optional renewal period would be exercised resulting in a reduction in the lease term and a decrease to its right-of-use assets and operating lease liabilities. In addition, as part of a restructuring plan, the Company decided to vacate and abandon certain floors of its leased headquarters in San Francisco in order to streamline operations and optimize its office space. The Company ceased occupying the floors in June 2024 and, as a result, the Company recorded impairment charges for the related operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the second quarter of 2024. See Note 13 - Restructuring for further details. The Company's lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	5,354	$	7,461	$	9,370
Short-term lease cost	2,186		2,102		1,887
Variable lease cost	2,940		2,925		2,553
Total	$	10,480	$	12,488	$	13,810

Other information related to the Company’s operating leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,977	$	10,657	$	10,347
ROU assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	9,107
Remeasurement of operating lease liability and right-of-use asset	$	—	$	(18,915)	$	—

The weighted average remaining lease term (years) and discount rate related to operating leases were as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term (years)	3.3		4.3
Weighted average discount rate	6.9	%	6.9	%

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


2026	$	10,777
2027	10,586
2028	10,936
2029	3,704
Total lease payments	36,003
Less: imputed interest	(3,752)
Present value of lease liabilities	32,251
Less: current operating lease liabilities	(8,900)
Long-term operating lease liabilities	$	23,351

The table above does not include lease payments that were not fixed at commencement or lease modification.

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 5,354	$ 7,461	$ 9,370
Short-term lease cost	2,186	2,102	1,887
Variable lease cost	2,940	2,925	2,553
Total	$ 10,480	$ 12,488	$ 13,810

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company has a 401(k) plan (the “401(k) Plan”) covering all eligible employees in the United States. The Company is allowed to make discretionary profit sharing and qualified non-elective contributions as defined by the 401(k) Plan and as approved by the Board of Directors. The Company matches a portion of eligible participants’ 401(k) contributions. The Company’s match totaled $1.4 million, $1.2 million and $1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. No discretionary profit-sharing contributions have been made to date.

Other Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,984	$ 13,688
Less: accumulated depreciation and amortization	(11,345)	(10,940)
Property and equipment, net	1,639	2,748
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,915	4,629
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,568	1,558
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,123	2,123
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,378	$ 5,378

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance on an as-converted basis were as follows (in thousands):


	As of December 31,
	2025	2024
Stock options outstanding	12,914	21,011
Unvested restricted stock units (RSUs)	47,101	42,891
Shares reserved for future award issuances	35,424	39,730
Total	95,439	103,632

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the year ended December 31, 2025 and related information is as follows (in thousands, except per share data):


	Number of Options	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	21,011	$	2.71	4.7	$	3,326
Options granted	—	$	—
Options exercised	(1,351)	$	1.95
Options forfeited or expired	(6,746)	$	2.83
Outstanding at December 31, 2025	12,914	$	2.73	4.4	$	1,461
Exercisable at December 31, 2025	12,895	$	2.73	4.4	$	1,452
Vested or expected to vest at December 31, 2025	12,914	$	2.73	4.4	$	1,461

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activity for the year ended December 31, 2025 and related information is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	42,891	$	2.37
RSUs granted	45,418	$	1.80
RSUs vested	(25,973)	$	2.30
RSUs forfeited	(15,235)	$	2.12
Unvested at December 31, 2025	47,101	$	1.95

Schedule of Assumptions Used to Calculate Fair Value of Stock Option Grants

The following assumptions were used to calculate the fair value of market-based PSUs made during the following periods:


	Year Ended December 31,
	2025	2024	2023
Expected volatility	66.5% - 66.7%	66.8%	—%
Expected term (in years)	4.4 - 4.9	5.0	0.0
Risk-free interest rate	3.6% - 4.1%	4.3%	—%
Expected dividend yield	—	—	—

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	2,836	$	2,736	$	3,201
Research and development	36,849		39,037		43,619
Sales and marketing	8,888		9,671		12,548
General and administrative	16,770		22,611		23,657
Total	$	65,343	$	74,055	$	83,025

Cash Equivalents and Marketable Securities - Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash equivalents:
Amortized Cost	$ 29,023	$ 19,192
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	29,023	19,192
Marketable securities:
Amortized Cost	340,187	380,886
Unrealized Gain	1,257	914
Unrealized Loss	(15)	(371)
Estimated Fair Value	341,429	381,429
Total
Amortized Cost	369,210	400,078
Unrealized Gain	1,257	914
Unrealized Loss	(15)	(371)
Estimated Fair Value	370,452	400,621
Certificates of deposit
Marketable securities:
Amortized Cost	905	3,631
Unrealized Gain	0	2
Unrealized Loss	0	(1)
Estimated Fair Value	905	3,632
Commercial paper
Marketable securities:
Amortized Cost	1,862	12,751
Unrealized Gain	1	20
Unrealized Loss	0	(1)
Estimated Fair Value	1,863	12,770
Corporate bonds
Marketable securities:
Amortized Cost	286,553	284,359
Unrealized Gain	1,048	722
Unrealized Loss	(15)	(216)
Estimated Fair Value	287,586	284,865
U.S. Treasury securities
Marketable securities:
Amortized Cost	6,720	42,519
Unrealized Gain	36	3
Unrealized Loss	0	(140)
Estimated Fair Value	6,756	42,382
Asset-backed securities
Marketable securities:
Amortized Cost	44,147	37,626
Unrealized Gain	172	167
Unrealized Loss	0	(13)
Estimated Fair Value	44,319	37,780
Money market funds
Cash equivalents:
Amortized Cost	29,023	17,198
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	$ 29,023	17,198
Corporate bonds
Cash equivalents:
Amortized Cost		1,994
Unrealized Gain		0
Unrealized Loss		0
Estimated Fair Value		$ 1,994

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2022				153,693	218,029
Balance at beginning of period at Dec. 31, 2022	$ 611,068			$ 15	$ 22	$ 1,231,482	$ (2,196)	$ (618,255)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of tax withholdings (in shares)				12,101
Tax withholdings on restricted stock units	(273)					(273)
Conversion from Class B to Class A common stock (in shares)				17,569	17,569
Conversion from Class B to Class A common stock	0			$ 2	$ (2)
Issuance of common stock upon exercise of stock options (in shares)				2,023	1,500
Issuance of common stock upon exercise of stock options	7,181			$ 1		7,180
Issuance of common stock under employee stock purchase plan (in shares)				1,029
Issuance of common stock under employee stock purchase plan	2,008			$ 1		2,007
Vesting of early exercised stock options	174					174
Stock-based compensation	83,025					83,025
Other comprehensive income (loss)	3,139						3,139
Net loss	(147,765)							(147,765)
Balance at end of period (in shares) at Dec. 31, 2023				186,415	201,960
Balance at end of period at Dec. 31, 2023	558,557			$ 19	$ 20	1,323,595	943	(766,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of tax withholdings (in shares)				15,516
Tax withholdings on restricted stock units	(19,916)					(19,916)
Repurchase of common stock (in shares)				(30,970)
Repurchase of common stock	(75,530)			$ (3)		(75,527)
Conversion from Class B to Class A common stock (in shares)				45,702	45,702
Conversion from Class B to Class A common stock	0			$ 4	$ (4)
Issuance of common stock upon exercise of stock options (in shares)				7,115	1,876
Issuance of common stock upon exercise of stock options	13,336			$ 1		13,335
Issuance of common stock under employee stock purchase plan (in shares)				710
Issuance of common stock under employee stock purchase plan	1,075			$ 1		1,074
Stock-based compensation	74,055					74,055
Other comprehensive income (loss)	(26)						(26)
Net loss	(98,063)							(98,063)
Balance at end of period (in shares) at Dec. 31, 2024		224,488	158,134	224,488	158,134
Balance at end of period at Dec. 31, 2024	453,488			$ 22	$ 16	1,316,616	917	(864,083)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of tax withholdings (in shares)				16,230
Tax withholdings on restricted stock units	(19,065)					(19,065)
Repurchase of common stock (in shares)				(10,875)
Repurchase of common stock	(18,891)			$ (1)		(18,890)
Conversion from Class B to Class A common stock (in shares)				30,453	30,453
Conversion from Class B to Class A common stock	$ 0			$ 3	$ (3)
Issuance of common stock upon exercise of stock options (in shares)	1,351			1,351
Issuance of common stock upon exercise of stock options	$ 2,641			$ 2		2,639
Issuance of common stock under employee stock purchase plan (in shares)				799
Issuance of common stock under employee stock purchase plan	1,325					1,325
Stock-based compensation	65,343					65,343
Other comprehensive income (loss)	646						646
Net loss	(54,204)							(54,204)
Balance at end of period (in shares) at Dec. 31, 2025		262,446	127,681	262,446	127,681
Balance at end of period at Dec. 31, 2025	$ 431,283			$ 26	$ 13	$ 1,347,968	$ 1,563	$ (918,287)

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 Nextdoor Holdings, Inc. (“Nextdoor” or the “Company”) is headquartered in San Francisco, California. Nextdoor is the essential neighborhood network connecting over 105 million Verified Neighbors to the people, places, and information that matter most in their local communities. The Company reports its financial results based on a single reportable segment, which aligns with how the chief operating decision maker (“CODM”), who is its Chief Executive Officer (“CEO”), reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. See Note 12 - Segment and Geographical Information for further detail. On November 5, 2021 (the “Closing”), the Company consummated the transactions contemplated by the Agreement and Plan of Merger, dated July 6, 2021, as amended on September 30, 2021, by and among Khosla Ventures Acquisition Co. II (“KVSB”), a special purpose acquisition company, Lorelei Merger Sub Inc., and Nextdoor, Inc. (“Legacy Nextdoor”), with Legacy Nextdoor surviving as a wholly owned subsidiary of KVSB (the “Merger” and, collectively with the other transactions that occurred in connection with the Merger, the “Reverse Recapitalization”). In connection with the Closing, KVSB was renamed to Nextdoor Holdings, Inc.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 63,341	$ 45,550
Marketable securities	341,429	381,429
Accounts receivable, net of allowance of $491 and $451 as of December 31, 2025 and 2024, respectively	34,385	31,173
Prepaid expenses and other current assets	9,084	8,540
Total current assets	448,239	466,692
Restricted cash, non-current	8,379	11,171
Property and equipment, net	1,639	2,748
Operating lease right-of-use assets	11,575	14,447
Goodwill	1,211	1,211
Other assets	15,760	17,684
Total assets	486,803	513,953
Current liabilities:
Accounts payable	2,498	249
Operating lease liabilities, current	8,900	8,495
Accrued expenses and other current liabilities	20,550	19,200
Total current liabilities	31,948	27,944
Operating lease liabilities, non-current	23,351	32,251
Other liabilities, non-current	221	270
Total liabilities	55,520	60,465
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and 2024	0	0
Additional paid-in capital	1,347,968	1,316,616
Accumulated other comprehensive income	1,563	917
Accumulated deficit	(918,287)	(864,083)
Total stockholders' equity	431,283	453,488
Total liabilities and stockholders' equity	486,803	513,953
Class A Common Stock
Stockholders' equity:
Common stock	26	22
Class B Common Stock
Stockholders' equity:
Common stock	$ 13	$ 16

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]
Employer matching contribution cost	$ 1.4	$ 1.2	$ 1.7

Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

In August 2025, the Company announced a cost reduction plan intended to right size the business and align the workforce and other expenses with Nextdoor’s business priorities. The execution of the cost reduction plan was substantially complete by the end of the third quarter of 2025.

The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2025 (in thousands):


	Severance and Related Charges		Stock-Based Compensation Expense		Total
Research and development	$	2,660	$	792	$	3,452
Sales and marketing	1,250		126		1,376
General and administrative	750		51		801
Total	$	4,660	$	969	$	5,629

Liabilities and remaining charges under the Company’s cost reduction plan were immaterial as of December 31, 2025, and were included in accrued expenses and other current liabilities on the consolidated balance sheets.

In April 2024, the Company performed a restructuring intended to refocus the Company for future growth. The plan impacted 38 of the Company’s full-time employees. The Company incurred one-time charges of $2.8 million in connection with the plan, consisting primarily of cash expenditures for severance payments, employee benefits, and related costs. The execution of the plan was substantially complete by the end of the second quarter of 2024. In addition, in June 2024 the Company ceased occupying and abandoned certain floors of its leased headquarters in San Francisco in order to adjust its office space footprint to better align with the needs of its work model. As a result, the Company recorded impairment charges of $22.8 million for the related operating lease right-of-use assets, leasehold improvements and furniture and fixtures.

The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2024 (in thousands).


	Office Space Reductions (1)		Severance and Related Charges		Total
Research and development	$	—	$	250	$	250
Sales and marketing	—		1,956		1,956
General and administrative	22,760		612		23,372
Total	$	22,760	$	2,818	$	25,578

(1) Office space reductions are primarily non-cash and include impairment charges related to operating lease right-of-use assets, leasehold improvements and furniture and fixtures.

In the fourth quarter of 2023, the Company announced a cost reduction plan intended to right-size the business and align the workforce and other expenses with Nextdoor’s near term revenue expectations and long term business priorities. The cost reduction plan included a reduction of the Company’s full-time employee headcount by approximately 25%. The execution of the cost reduction plan was substantially complete by the end of the fourth quarter of 2023.

The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2023 (in thousands):


	Severance and Related Charges		Stock-Based Compensation Expense		Total
Research and development	$	5,141	$	903	$	6,044
Sales and marketing	2,984		228		3,212
General and administrative	1,763		80		1,843
Total	$	9,888	$	1,211	$	11,099

Other Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 4,157	$ 3,718
Employee stock purchase plan liability	471	708
Deferred revenue	8,027	6,803
Other accrued and current liabilities	7,895	7,971
Accrued expenses and other current liabilities	$ 20,550	$ 19,200

Income Taxes - Effective Tax Rate - Prior to ASU 2023-09 Adoption (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes at U.S. Federal statutory rate	(21.00%)	(21.00%)	(21.00%)
Executive and equity compensation	7.60%	9.20%	5.80%
Research and development tax credits	(5.40%)	(3.70%)	(3.20%)
Changes in valuation allowance	18.50%	15.70%	18.00%
Other		0.50%	0.90%
Total tax provision and effective tax rate	3.10%	0.70%	0.50%

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]	We employ a comprehensive, cross-functional approach that is designed to assess, identify, and manage material cybersecurity risks, ensuring the confidentiality, security, and availability of our information systems and data. Our cybersecurity strategy is guided by applicable laws and regulations, industry standards, and best practices. We have established robust policies, standards, and processes to proactively safeguard our digital assets, mitigate risks, and respond effectively to cybersecurity incidents. Our cyber risk management framework includes: (1) enterprise risk management to identify top cybersecurity risks; (2) vulnerability management to identify software vulnerabilities and infrastructure risks; (3) vendor risk management to identify risks related to third parties and business partners, which includes pre-engagement due diligence, use of contractual security provisions, and continued monitoring through risk-based periodic audits, as applicable; (4) privacy risk management to ensure regulatory compliance and proactively manage privacy risks across our products and platforms; (5) security monitoring to analyze and assess threat activity in real time; and (6) security incident response protocols to investigate, contain, and mitigate cybersecurity threats. To strengthen our defenses, we regularly engage third party experts to assess vulnerabilities, provide threat intelligence, and assist in triaging and responding to cyber incidents. We also conduct employee training on cybersecurity awareness, data protection, and threat response to reinforce our security culture. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced undetected cybersecurity incidents. For more information regarding cybersecurity risks that we face and potential impacts on our business related thereto, see the section entitled “Risk Factors — Security breaches, including improper access to or disclosure of our data or our neighbors’ data, or other hacking and phishing attacks on our or third-party systems, could harm our reputation, adversely affect our business, and result in legal liability.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We employ a comprehensive, cross-functional approach that is designed to assess, identify, and manage material cybersecurity risks, ensuring the confidentiality, security, and availability of our information systems and data. Our cybersecurity strategy is guided by applicable laws and regulations, industry standards, and best practices. We have established robust policies, standards, and processes to proactively safeguard our digital assets, mitigate risks, and respond effectively to cybersecurity incidents.
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]	Our Board of Directors, as a whole and at a committee level, maintains oversight of cybersecurity risk management, with primary responsibility assigned to our Audit & Risk Committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors, as a whole and at a committee level, maintains oversight of cybersecurity risk management, with primary responsibility assigned to our Audit & Risk Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Comprising solely independent directors, our Audit & Risk Committee receives regular updates from our Chief Information Security Officer (“CISO”) and is responsible for ensuring that management has processes in place to identify, assess, and mitigate cybersecurity risks. The Audit & Risk Committee collaborates with management to oversee the implementation of security measures, incident response plans, and ongoing risk management strategies. Our CISO, who reports directly to the President of Products, has over 15 years of experience in technology and cybersecurity matters, with expertise spanning IT leadership, incident response, enterprise security, and business technology. Our CISO holds multiple cloud and IT certifications and is an active thought leader in the cybersecurity space. Prior to joining Nextdoor, our CISO led Business Technology, IT and Cybersecurity at Workato, Inc. and held key roles at Peloton Interactive, Inc. and KPMG LLP, where they built and implemented business continuity and cyber resilience programs.
Cybersecurity Risk Role of Management [Text Block]	Our Board of Directors, as a whole and at a committee level, maintains oversight of cybersecurity risk management, with primary responsibility assigned to our Audit & Risk Committee. Comprising solely independent directors, our Audit & Risk Committee receives regular updates from our Chief Information Security Officer (“CISO”) and is responsible for ensuring that management has processes in place to identify, assess, and mitigate cybersecurity risks. The Audit & Risk Committee collaborates with management to oversee the implementation of security measures, incident response plans, and ongoing risk management strategies. Our CISO, who reports directly to the President of Products, has over 15 years of experience in technology and cybersecurity matters, with expertise spanning IT leadership, incident response, enterprise security, and business technology. Our CISO holds multiple cloud and IT certifications and is an active thought leader in the cybersecurity space. Prior to joining Nextdoor, our CISO led Business Technology, IT and Cybersecurity at Workato, Inc. and held key roles at Peloton Interactive, Inc. and KPMG LLP, where they built and implemented business continuity and cyber resilience programs.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Comprising solely independent directors, our Audit & Risk Committee receives regular updates from our Chief Information Security Officer (“CISO”) and is responsible for ensuring that management has processes in place to identify, assess, and mitigate cybersecurity risks. The Audit & Risk Committee collaborates with management to oversee the implementation of security measures, incident response plans, and ongoing risk management strategies.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO, who reports directly to the President of Products, has over 15 years of experience in technology and cybersecurity matters, with expertise spanning IT leadership, incident response, enterprise security, and business technology. Our CISO holds multiple cloud and IT certifications and is an active thought leader in the cybersecurity space. Prior to joining Nextdoor, our CISO led Business Technology, IT and Cybersecurity at Workato, Inc. and held key roles at Peloton Interactive, Inc. and KPMG LLP, where they built and implemented business continuity and cyber resilience programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Comprising solely independent directors, our Audit & Risk Committee receives regular updates from our Chief Information Security Officer (“CISO”) and is responsible for ensuring that management has processes in place to identify, assess, and mitigate cybersecurity risks. The Audit & Risk Committee collaborates with management to oversee the implementation of security measures, incident response plans, and ongoing risk management strategies. Our CISO, who reports directly to the President of Products, has over 15 years of experience in technology and cybersecurity matters, with expertise spanning IT leadership, incident response, enterprise security, and business technology. Our CISO holds multiple cloud and IT certifications and is an active thought leader in the cybersecurity space. Prior to joining Nextdoor, our CISO led Business Technology, IT and Cybersecurity at Workato, Inc. and held key roles at Peloton Interactive, Inc. and KPMG LLP, where they built and implemented business continuity and cyber resilience programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Cash Equivalents

The amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and marketable securities were as follows (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	29,023	$	—	$	—	$	29,023


Total cash equivalents	29,023		—		—		29,023
Marketable securities:
Certificates of deposit	905		—		—		905
Commercial paper	1,862		1		—		1,863
Corporate bonds	286,553		1,048		(15)		287,586
U.S. Treasury securities	6,720		36		—		6,756

Asset-backed securities	44,147		172		—		44,319
Total marketable securities	340,187		1,257		(15)		341,429
Total	$	369,210	$	1,257	$	(15)	$	370,452


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	17,198	$	—	$	—	$	17,198
Corporate bonds	1,994		—		—		1,994
Total cash equivalents	19,192		—		—		19,192
Marketable securities:
Certificates of deposit	3,631		2		(1)		3,632
Commercial paper	12,751		20		(1)		12,770
Corporate bonds	284,359		722		(216)		284,865
U.S. Treasury securities	42,519		3		(140)		42,382
Asset-backed securities	37,626		167		(13)		37,780
Total marketable securities	380,886		914		(371)		381,429
Total	$	400,078	$	914	$	(371)	$	400,621

Schedule of Marketable Securities

The amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and marketable securities were as follows (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	29,023	$	—	$	—	$	29,023


Total cash equivalents	29,023		—		—		29,023
Marketable securities:
Certificates of deposit	905		—		—		905
Commercial paper	1,862		1		—		1,863
Corporate bonds	286,553		1,048		(15)		287,586
U.S. Treasury securities	6,720		36		—		6,756

Asset-backed securities	44,147		172		—		44,319
Total marketable securities	340,187		1,257		(15)		341,429
Total	$	369,210	$	1,257	$	(15)	$	370,452


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	17,198	$	—	$	—	$	17,198
Corporate bonds	1,994		—		—		1,994
Total cash equivalents	19,192		—		—		19,192
Marketable securities:
Certificates of deposit	3,631		2		(1)		3,632
Commercial paper	12,751		20		(1)		12,770
Corporate bonds	284,359		722		(216)		284,865
U.S. Treasury securities	42,519		3		(140)		42,382
Asset-backed securities	37,626		167		(13)		37,780
Total marketable securities	380,886		914		(371)		381,429
Total	$	400,078	$	914	$	(371)	$	400,621

Schedule of Available-For-Sale of Securities

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position.


	As of December 31, 2025
	Less than Twelve Months				Twelve Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss


Corporate bonds	23,334		(15)		—		—		23,334		(15)



Total	$	23,334	$	(15)	$	—	$	—	$	23,334	$	(15)


	As of December 31, 2024
	Less than Twelve Months				Twelve Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Certificates of deposit	$	1,229	$	(1)	$	—	$	—	$	1,229	$	(1)
Commercial paper	$	2,258	$	(1)	$	—	$	—	$	2,258	$	(1)
Corporate bonds	82,499		(216)		418		—		82,917		(216)
U.S. Treasury securities	34,286		(137)		5,494		(3)		39,780		(140)
Asset-backed securities	4,396		(13)		98		—		4,494		(13)
Total	$	124,668	$	(368)	$	6,010	$	(3)	$	130,678	$	(371)

Schedule of Investments Classified by Contractual Maturity Date

The following tables present the contractual maturities of the Company’s marketable securities (in thousands):


	As of December 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	113,832	$	114,172
Due after one to three years	226,355		227,257
Total	$	340,187	$	341,429


	As of December 31, 2024
	Amortized Cost		Estimated Fair Value
Due within one year	$	171,990	$	172,333
Due after one to three years	208,896		209,096
Total	$	380,886	$	381,429

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Stockholders’ Equity - Fair Value Assumptions (Details) - Market-Based PSUs	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		66.80%	0.00%
Expected term (in years)		5 years	0 years
Risk-free interest rate (as a percent)		4.30%	0.00%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	66.50%
Expected term (in years)	4 years 4 months 24 days
Risk-free interest rate (as a percent)	3.60%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	66.70%
Expected term (in years)	4 years 10 months 24 days
Risk-free interest rate (as a percent)	4.10%

- 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 - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Effective tax rate	3.10%	0.70%	0.50%
Change in valuation allowance	$ (10.9)	$ 5.6
Unrecognized tax benefits that would impact effective tax rate	0.4
Cash income taxes paid	0.5
Federal
Income Tax Examination [Line Items]
Operating loss carryforwards	583.9
Operating loss carryforwards, carried forward indefinitely	404.8
Tax credit carryforward	18.5
State
Income Tax Examination [Line Items]
Operating loss carryforwards	365.5
Tax credit carryforward	$ 10.2

Income Taxes - Valuation Allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Roll Forward]
Balance, beginning of period	$ 187,437	$ 181,884	$ 150,294
Charged to expenses	10,927	5,553	31,590
Balance, end of period	$ 198,364	$ 187,437	$ 181,884

Fair Value Measurements - Schedule of Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Note receivable	$ 0	$ 0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Note receivable	0	0
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Note receivable	14,181	14,076
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Note receivable	15,000	15,000
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Note receivable	$ 14,181	$ 14,076

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of December 31, 2025
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	29,023	$	—	$	29,023


Total cash equivalents	29,023		—		29,023
Marketable securities:
Certificates of deposit	—		905		905
Commercial paper	—		1,863		1,863
Corporate bonds	—		287,586		287,586
U.S. Treasury securities	—		6,756		6,756

Asset-backed securities	—		44,319		44,319
Total marketable securities	—		341,429		341,429
Total cash equivalents and marketable securities	$	29,023	$	341,429	$	370,452


	As of December 31, 2024
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	17,198	$	—	$	17,198
Corporate bonds	—		1,994		1,994

Total cash equivalents	17,198		1,994		19,192
Marketable securities:
Certificates of deposit	—		3,632		3,632
Commercial paper	—		12,770		12,770
Corporate bonds	—		284,865		284,865
U.S. Treasury securities	—		42,382		42,382

Asset-backed securities	—		37,780		37,780
Total marketable securities	—		381,429		381,429
Total cash equivalents and marketable securities	$	17,198	$	383,423	$	400,621

Schedule of Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value

The following tables present the fair value hierarchy of assets not recorded at fair value (in thousands):


	As of December 31, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,181	$	14,181


	As of December 31, 2024
	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Note receivable	$	15,000	$	—	$	—	$	14,076	$	14,076

Stockholders’ Equity - Shares Reserved for Future Issuance (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Stock options outstanding (in shares)	12,914	21,011
Unvested restricted stock units (RSUs) (in shares)	47,101	42,891
Shares reserved for future award issuances (in shares)	35,424	39,730
Total (in shares)	95,439	103,632

Stockholders’ Equity - Restricted Stock Units (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	42,891
RSUs granted (in shares) \| shares	45,418
RSUs vested (in shares) \| shares	(25,973)
RSUs forfeited (in shares) \| shares	(15,235)
Ending balance (in shares) \| shares	47,101
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 2.37
RSUs granted (in USD per share) \| $ / shares	1.80
RSUs vested (in USD per share) \| $ / shares	2.30
RSUs forfeited (in USD per share) \| $ / shares	2.12
Ending balance (in USD per share) \| $ / shares	$ 1.95

Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

The amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and marketable securities were as follows (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	29,023	$	—	$	—	$	29,023


Total cash equivalents	29,023		—		—		29,023
Marketable securities:
Certificates of deposit	905		—		—		905
Commercial paper	1,862		1		—		1,863
Corporate bonds	286,553		1,048		(15)		287,586
U.S. Treasury securities	6,720		36		—		6,756

Asset-backed securities	44,147		172		—		44,319
Total marketable securities	340,187		1,257		(15)		341,429
Total	$	369,210	$	1,257	$	(15)	$	370,452


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	17,198	$	—	$	—	$	17,198
Corporate bonds	1,994		—		—		1,994
Total cash equivalents	19,192		—		—		19,192
Marketable securities:
Certificates of deposit	3,631		2		(1)		3,632
Commercial paper	12,751		20		(1)		12,770
Corporate bonds	284,359		722		(216)		284,865
U.S. Treasury securities	42,519		3		(140)		42,382
Asset-backed securities	37,626		167		(13)		37,780
Total marketable securities	380,886		914		(371)		381,429
Total	$	400,078	$	914	$	(371)	$	400,621

All marketable securities are designated as available-for-sale securities as of December 31, 2025 and 2024.

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position.


	As of December 31, 2025
	Less than Twelve Months				Twelve Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss


Corporate bonds	23,334		(15)		—		—		23,334		(15)



Total	$	23,334	$	(15)	$	—	$	—	$	23,334	$	(15)


	As of December 31, 2024
	Less than Twelve Months				Twelve Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Certificates of deposit	$	1,229	$	(1)	$	—	$	—	$	1,229	$	(1)
Commercial paper	$	2,258	$	(1)	$	—	$	—	$	2,258	$	(1)
Corporate bonds	82,499		(216)		418		—		82,917		(216)
U.S. Treasury securities	34,286		(137)		5,494		(3)		39,780		(140)
Asset-backed securities	4,396		(13)		98		—		4,494		(13)
Total	$	124,668	$	(368)	$	6,010	$	(3)	$	130,678	$	(371)

The following tables present the contractual maturities of the Company’s marketable securities (in thousands):


	As of December 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	113,832	$	114,172
Due after one to three years	226,355		227,257
Total	$	340,187	$	341,429


	As of December 31, 2024
	Amortized Cost		Estimated Fair Value
Due within one year	$	171,990	$	172,333
Due after one to three years	208,896		209,096
Total	$	380,886	$	381,429

Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	60,676	65,270	83,201
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	12,914	21,011	47,858
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	47,101	42,891	33,515
Shares issuable pursuant to the employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	661	1,368	1,828

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Preferred Stock

The Company's amended and restated certificate of incorporation authorizes the issuance of 50,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting, and other rights and preferences as may be determined from time to time by the Company's Board of Directors. As of December 31, 2025 and 2024, there were no shares of preferred stock issued or outstanding.

Common Stock

The Company was authorized to issue 2,500,000,000 shares of Class A common stock and 500,000,000 shares of Class B common stock as of December 31, 2025 and 2024. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting and conversion rights. The holder of each share of Class A common stock is entitled to one vote per share and the holder of each share of Class B common stock is entitled to ten votes per share. Shares of Class B common stock are convertible into an equivalent number of shares of Class A common stock at the option of the holder or upon certain events upon the terms and conditions described in the Company’s amended and restated certificate of incorporation. Class A common stock and Class B common stock are referred to, collectively, as common stock throughout the notes to these consolidated financial statements, unless otherwise indicated. Shares of common stock reserved for future issuance on an as-converted basis were as follows (in thousands):


	As of December 31,
	2025	2024
Stock options outstanding	12,914	21,011
Unvested restricted stock units (RSUs)	47,101	42,891
Shares reserved for future award issuances	35,424	39,730
Total	95,439	103,632

Equity Incentive Plans

2021 Equity Incentive Plan

In November 2021, the Company’s Board of Directors and stockholders approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) as a successor to the 2018 Equity Incentive Plan (the “2018 Plan”), with the purpose of granting stock-based awards to employees, directors, officers, and consultants, including stock options, restricted stock awards, and RSUs.

The Company initially reserved for issuance under the 2021 Plan (a) 46,008,885 shares of Class A common stock, plus (b) shares that are subject to issuance upon exercise of options granted under the 2018 Plan prior to the Closing but which, after the Closing, cease to be subject to the option for any reason other than exercise of the option, (c) shares that are subject to awards granted under the 2018 Plan prior to the Closing that, after the Closing, are forfeited or are repurchased by the Company at the original issue price, (d) shares

that are subject to awards granted under the 2018 Plan prior to the Closing that, after the Closing, otherwise terminate without such shares being issued, and (e) shares that, after the Closing, are used to pay the exercise price of a stock option issued under the 2018 Plan prior to the Closing or are withheld to satisfy the tax withholding obligations related to any award issued under the 2018 Plan prior to the Closing. The number of shares available for grant and issuance under the 2021 Plan will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of (i) five percent (5%) of the number of shares (rounded down to the nearest whole share) of Class A common stock and Class B common stock issued and outstanding on each December 31 immediately prior to the date of increase, or (ii) such number of shares determined by the Company’s Board of Directors.

2021 Employee Stock Purchase Plan

In November 2021, the Company’s Board of Directors and stockholders approved the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”). Over a series of offering periods, each of which may consist of one or more purchase periods, eligible employees will be offered the option to purchase shares of Class A common stock at 85% of the lesser of the fair market value of Class A common stock on (i) the first business day of the applicable offering period and (ii) the date of purchase. Under the 2021 ESPP, the Company initially reserved 8,901,159 shares of Class A common stock for issuance, and the aggregate number of shares reserved will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of (i) one percent (1%) of the total number of outstanding shares of Class A common stock and Class B common stock as of the immediately preceding December 31, or (ii) a number of shares as may be determined by the Company’s Board of Directors. The aggregate number of shares issued over the term of the 2021 ESPP, subject to adjustments for stock-splits, recapitalizations, or similar events, may not exceed 89,011,590 shares. In February 2022, the Company commenced its first offering period under the 2021 ESPP. During the years ended December 31, 2025 and 2024, 798,985 and 709,637 shares of Class A common stock were purchased under the 2021 ESPP, respectively.

Share Repurchase Program

On May 31, 2022, the Company’s Board of Directors authorized and approved a share repurchase program (the “Share Repurchase Program”) to repurchase up to $100.0 million in aggregate of the Company’s Class A common stock, with the authorization to expire on June 30, 2024. Repurchases of Class A common stock under the Share Repurchase Program may be made from time to time, on the open market, in privately negotiated transactions or by other methods, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable legal requirements. The timing of any repurchases will depend on market conditions and other investment opportunities, and will be made at the Company’s discretion. The Share Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time. On February 21, 2024, the Company’s Board of Directors authorized and approved an increase of $150.0 million to the Share Repurchase Program and extended the expiration date to March 31, 2026.

When the Company repurchases shares under the Share Repurchase Program, it reduces the common stock component of stockholders’ equity by the par value of the repurchased shares. The excess of the repurchase price over par value is recorded to additional paid-in capital. All repurchased shares are retired and become authorized and unissued shares.

During the year ended December 31, 2025, the Company repurchased and retired 10,874,916 shares of Class A common stock at an average purchase price of $1.73 per share for an aggregate repurchase price of $18.8 million. During the year ended December 31, 2024, the Company repurchased and retired 30,969,572 shares of Class A common stock at an average purchase price of $2.44 per share for an aggregate repurchase price of $75.5 million. As of December 31, 2025, the Company had $78.4 million available for future share repurchases under the Share Repurchase Program.

Stock Options and RSUs

The Company may grant options to acquire shares of Class A common stock to employees, directors, officers, and consultants at a price not less than the fair market value of the shares at the date of grant. Options granted to a person who, at the time of the grant, owns more than 10% of the voting power of all classes of stock shall be at no less than 110% of the fair market value and expire five years from the date of grant. All other options generally have a contractual term of ten years. Options granted generally vest on a monthly basis over two to three years. RSUs granted for Class A common stock generally vest on a quarterly basis over two to three years.

A summary of the Company’s stock option activity for the year ended December 31, 2025 and related information is as follows (in thousands, except per share data):


	Number of Options	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	21,011	$	2.71	4.7	$	3,326
Options granted	—	$	—
Options exercised	(1,351)	$	1.95
Options forfeited or expired	(6,746)	$	2.83
Outstanding at December 31, 2025	12,914	$	2.73	4.4	$	1,461
Exercisable at December 31, 2025	12,895	$	2.73	4.4	$	1,452
Vested or expected to vest at December 31, 2025	12,914	$	2.73	4.4	$	1,461

The intrinsic value is calculated as the difference between the exercise price of the underlying common stock option award and the fair value of the Company’s common stock as of the respective balance sheet date. No options were granted during the year ended December 31, 2025. The weighted average grant date fair value of options granted was $1.23 per share and $1.32 per share during the years ended December 31, 2024 and 2023, respectively.

The intrinsic value of the options exercised was $0.6 million, $10.8 million and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

A summary of the Company’s RSU activity for the year ended December 31, 2025 and related information is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	42,891	$	2.37
RSUs granted	45,418	$	1.80
RSUs vested	(25,973)	$	2.30
RSUs forfeited	(15,235)	$	2.12
Unvested at December 31, 2025	47,101	$	1.95

Market-based PSUs

In April 2024, the Company granted its Chief Executive Officer a market-based performance stock unit (“PSU”) award of 5,010,020 shares of the Company’s Class A common stock. In March 2025, the Company granted its Chief Executive Officer a similar market-based PSU award of 722,005 shares. In August 2025, the Company granted another market-based PSU award of 947,867 shares to an executive officer with the same performance metrics and vesting conditions as the March 2025 PSU. For all awards, the PSUs will vest based on stock price targets achieved over a four-year period, and any PSUs that have not vested at the end of the applicable performance period will be forfeited. Vesting is subject to the grantees’ continuous employment with the Company, as well as other customary provisions pursuant to the Company’s 2021 Plan. The aggregate grant date fair value of the 2025 and 2024 PSUs was $2.6 million and $9.3 million, respectively, calculated using a Monte Carlo simulation model and recognized over the respective derived service periods using the graded-vesting method. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market-related conditions. For the year ended December 31, 2025, the Company recognized $4.1 million of stock-based compensation expense in connection with these awards.

Valuation Assumptions

The following assumptions were used to calculate the fair value of market-based PSUs made during the following periods:


	Year Ended December 31,
	2025	2024	2023
Expected volatility	66.5% - 66.7%	66.8%	—%
Expected term (in years)	4.4 - 4.9	5.0	0.0
Risk-free interest rate	3.6% - 4.1%	4.3%	—%
Expected dividend yield	—	—	—

Stock-Based Compensation

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	2,836	$	2,736	$	3,201
Research and development	36,849		39,037		43,619
Sales and marketing	8,888		9,671		12,548
General and administrative	16,770		22,611		23,657
Total	$	65,343	$	74,055	$	83,025

As of December 31, 2025, there was $72.3 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 2.0 years.