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Net Loss Per Common Share | 9 Months Ended | 12 Months Ended
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Sep. 30, 2025 | Dec. 31, 2024
Earnings Per Share [Abstract] |  |
Net Loss Per Common Share | 15. Net Loss Per Common Share The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (269,935 | ) |  | $ | (19,144 | ) |  | $ | (511,846 | ) |  | $ | (55,107 | )
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding, basic and diluted |  |  | 69,405 |  |  |  | 58,398 |  |  |  | 62,978 |  |  |  | 58,338 |
Net loss per common share, basic and diluted |  | $ | (3.89 | ) |  | $ | (0.33 | ) |  | $ | (8.13 | ) |  | $ | (0.94 | )
The following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive (in thousands):
|  | September 30, 2025 |  |  | September 30, 2024 |
Common stock warrants |  |  | 65,235 |  |  |  | 355 |
Common stock options |  |  | 55,990 |  |  |  | 49,922 |
Redeemable convertible preferred stock |  |  | 14,216 |  |  |  | 62,240 |
Redeemable convertible preferred stock warrants |  |  | — |  |  |  | 1,305 |
Total |  |  | 135,441 |  |  |  | 113,822 |
The 74,998,317 shares and 6,250,000 shares of common stock equivalent subject to the remaining Earn Out Securities and Sponsor Earn Out Securities, respectively, are excluded from the anti-dilutive table above as of September 30, 2025 as the underlying shares remain contingently issuable as the triggering events have not been satisfied. Excluded from common stock warrants in the anti-dilutive table above as of September 30, 2024 were those warrants with a nominal exercise price, which were included in the computation of basic and diluted net loss per share on the date all necessary conditions were satisfied for issuance, which was from the date any service based vesting conditions were met. |
16. | Net Loss Per Common Share
The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Numerator |  |  |  |  |  |  |  |
Net loss |  |  | $ (69,459 | ) |  | $ | (56,945 | )
Denominator |  |  |  |  |  |  |  |
Weighted-average common shares outstanding, basic and diluted |  |  | 88,181 |  |  |  | 87,459 |
Net loss per common share, basic and diluted |  | $ | (0.79 | ) |  | $ | (0.65 | )
The following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Redeemable convertible preferred stock |  |  | 93,963 |  |  |  | 93,963 |
Common stock options |  |  | 74,211 |  |  |  | 64,357 |
Redeemable convertible preferred stock warrants |  |  | 1,969 |  |  |  | 1,969 |
Common stock warrants (1) |  |  | 469 |  |  |  | 719 |
Total |  |  | 170,612 |  |  |  | 161,008 |
(1) | Excluded from this amount are those common stock warrants with an exercise price of $0.01, which have been included in the computation of basic and diluted net loss per share on the date all necessary conditions have been satisfied for issuance, which if from the date any service based vesting conditions have been met.

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