Loss Per Share

12 Months Ended

Dec. 31, 2025

Basic net loss per share attributable to Series A and Series B common stockholders is computed by dividing the net loss by the number of weighted-average outstanding common shares. Diluted net loss per share attributable to Series A and Series B common stockholders is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result, and is calculated using the treasury stock method. The Company considers its warrants, Investment Option, RSUs, Options, and shares to be issued under the ESPP as potential common equivalents, but excluded them from the computation of diluted earnings per share attributable to common stockholders in the periods presented, as their effect was antidilutive during the years ended December 31, 2025, 2024 and 2023.

The rights, including the liquidation and dividend rights, of the holders of Series A and Series B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each series of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Series A and Series B common stock on both individual and combined basis.

The following table presents the calculation of basic and diluted net loss per share attributable to Series A and Series B common stockholders for the periods presented (in thousands, except share and per share data):


	Year Ended December 31,
	2025		2024		2023
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted:
Numerator:
Net loss	$	(31,768)	$	(46,142)	$	(308,233)
Denominator:
Weighted-average shares - basic and diluted	290,896,895		266,336,826		242,889,272
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted	$	(0.11)	$	(0.17)	$	(1.27)

The following table summarizes the potential common shares excluded from the computation of diluted net income (loss) per share:


	Year Ended December 31,
	2025	2024	2023
Warrants outstanding	2,410,676	3,788,204	5,165,732
Investment Option	15,743,174	15,743,174	15,743,174
RSUs outstanding	14,550,455	17,421,450	14,690,417
Options outstanding	2,225,979	25,164,415	31,734,725
ESPP	245,840	258,033	—
Total	35,176,124	62,375,276	67,334,048