XML 126 R7.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:            
Net income (loss) $ (269,935) $ (19,144) $ (511,846) $ (55,107) $ (69,459) $ (56,945)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization     2,124 3,619 4,616 4,114
Stock-based compensation 5,245 1,718 10,136 3,989 5,550 5,399
Non-cash lease expense     1,372 1,698 1,832 2,164
Transaction costs allocated to common stock warrants     3,223 0    
Change in fair value of second lien loans     23,938 0    
Accretion of discount on marketable securities           (909)
Change in fair value of simple agreements for future equity (2,473) 0 190,075 0 4,109 0
Change in fair value of redeemable convertible preferred stock warrant liabilities 5,974 (107) 7,272 (321) (426) (126)
Loss on issuance of common stock 3,220 0 3,220 0    
Loss on issuance of Series A cumulative redeemable convertible preferred stock 84,174 0 84,174 0    
Loss on issuance of common stock warrants 123,328 0 123,328 0    
Non-cash interest expense     641 301 402 788
Loss on disposal of property and equipment     130 0    
Changes in operating assets and liabilities:            
Accounts receivable     574 57 (1,044) 9
Prepaid expenses     (2,596) (3,369) 645 (484)
Other assets     0 276 276 (276)
Accounts payable     (239) (181) (811) 558
Accrued expenses     (4,589) 14,398 5,102 3,833
Operating lease liabilities     (1,369) (1,627) (1,796) (2,222)
Other liabilities     216 43 43 255
Net cash used in operating activities     (70,216) (36,224) (50,961) (43,842)
Cash flows from investing activities:            
Proceeds from maturities of marketable securities           51,000
Purchases of marketable securities           (30,452)
Purchases of property and equipment     (11,881) (753) (3,192) (3,270)
Payment of deposits     0 (20) (20)  
Net cash used in investing activities     (11,881) (773) (3,212) 17,278
Cash flows from financing activities:            
Proceeds from the issuance of debt, net of issuance costs           3,671
Repayment of debt     (11,776) (1,665) (2,238) (1,934)
Proceeds from issuance of second lien loans     43,865 0    
Proceeds from issuance of simple agreements for future equity     23,660 44,054 45,192 10,000
Proceeds from issuance of the Series A cumulative redeemable convertible preferred stock     145,000 0    
Proceeds from the reverse recapitalization, net of transaction costs     26,239 0    
Proceeds from exercise of stock options     1,221 44 172 292
Payments for deferred offering costs     (16,618) 0    
Net cash provided by financing activities     211,591 42,433 43,126 12,029
Net change in cash     129,494 5,436 (11,047) (14,535)
Cash – beginning of period     18,159 29,206 29,206 43,741
Cash – end of period 147,653 34,642 147,653 34,642 18,159 29,206
Components of cash and restricted cash at period end:            
Cash 146,203 33,192 146,203 33,192 16,709 27,756
Restricted cash 1,450 1,450 1,450 1,450 1,450 1,450
Total cash and cash equivalents and restricted cash 147,653 $ 34,642 147,653 34,642 18,159 29,206
Supplemental disclosure of non-cash activities            
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities     2,947 60 118  
Conversion of simple agreements for future equity into common stock in connection with reverse recapitalization     263,036 0    
Conversion of legacy redeemable preferred stock into common stock in connection with reverse recapitalization $ 263,000   170,648 0    
Conversion of second lien loans into common stock in connection with reverse recapitalization     67,379 0    
Settlement of transaction costs in common stock in connection with reverse recapitalization     12,500 0    
Exchange of simple agreements for future equity for second lien loan     10,000 0    
Cash paid for interest     2,733 3,467 4,561 4,606
Net exercise of warrants in connection with reverse recapitalization     8,891 0    
Issuance of non-redemption common stock in connection with reverse recapitalization     3,220 0    
Liabilities assumed from reverse recapitalization     31 0    
Cash paid for income taxes     0 3 3 5
Deferred offering costs related to reverse recapitalization included in accrued liabilities     $ 159 $ 0    
Operating lease right-of-use asset obtained in exchange for operating lease liability upon modification of operating lease         1,881 2,388
Operating lease right-of-use asset obtained in exchange for operating lease liability upon new operating lease         $ 1,146  
Proceeds from exercise of stock options in prepaid and other current assets           $ 14