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Net Loss Per Common Share (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Schedule of Earnings Per Share, Basic and Diluted
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 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