XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.25.3

Net Loss Per Share | 9 Months Ended
--- | ---
Sep. 30, 2025
Net Loss per Share [Abstract] |
Net Loss Per Share | 12. Net Loss per Share The following table summarizes the basic and diluted net loss per share attributable to stockholders (in thousands, except share and per share data):
|  | Three Months Ended September 30, 2025 |  |  | Three Months Ended September 30, 2024 |
|  | Loss Allocation |  |  | Weighted Average Shares Outstanding |  |  | Loss Per Share, Basic and Diluted |  |  | Loss Allocation |  |  | Weighted Average Shares Outstanding |  |  | Loss Per Share, Basic and Diluted |
Common Stock |  | $ | (24,042 | ) |  |  | 44,067,059 |  |  | $ | (0.55 | ) |  | $ | (21,936 | ) |  |  | 15,013,655 |  |  | $ | (1.46 | )
Company Series A Preferred Stock(1) |  |  | — |  |  |  | — |  |  | $ | — |  |  |  | (697 | ) |  |  | 477 |  |  | $ | (1,461.10 | )
Company Series B Preferred Stock(2) |  |  | (6,235 | ) |  |  | 137,138 |  |  | $ | (45.46 | ) |  |  | (5,990 | ) |  |  | 49,191 |  |  | $ | (121.76 | )
Net loss |  | $ | (30,277 | ) |  |  |  |  |  |  |  |  |  | $ | (28,623 | ) |  |  |  |  |  |  |  |
(1) | The weighted-average number of shares of as-converted Company Series A Preferred Stock used in the loss allocation was nil and 477,196 for the three months ended September 30, 2025 and September 30, 2024, respectively.
(2) | The weighted-average number of shares of as-converted Company Series B Preferred Stock used in the loss allocation was 11,428,129 and 4,099,227 for the three months ended September 30, 2025 and September 30, 2024, respectively.
|  | Nine Months Ended September 30, 2025 |  |  | Period from February 6, 2024 (inception) to September 30, 2024 |
|  | Loss Allocation |  |  | Weighted Average Shares Outstanding |  |  | Loss Per Share, Basic and Diluted |  |  | Loss Allocation |  |  | Weighted Average Shares Outstanding |  |  | Loss Per Share, Basic and Diluted |
Common Stock |  | $ | (59,813 | ) |  |  | 42,622,935 |  |  | $ | (1.40 | ) |  | $ | (47,192 | ) |  |  | 7,765,381 |  |  | $ | (6.08 | )
Company Series A Preferred Stock(1) |  |  | — |  |  |  | — |  |  | $ | — |  |  |  | (1,121 | ) |  |  | 184 |  |  | $ | (6,077.25 | )
Company Series B Preferred Stock(2) |  |  | (16,037 | ) |  |  | 137,138 |  |  | $ | (116.94 | ) |  |  | (9,630 | ) |  |  | 19,015 |  |  | $ | (506.44 | )
Net loss |  | $ | (75,850 | ) |  |  |  |  |  |  |  |  |  | $ | (57,943 | ) |  |  |  |  |  |  |  |
(1) | The weighted-average number of shares of as-converted Company Series A Preferred Stock used in the loss allocation was nil and 184,462 for the nine months ended September 30, 2025 and the period from February 6, 2024 (inception) to September 30, 2024, respectively.
(2) | The weighted-average number of shares of as-converted Company Series B Preferred Stock used in the loss allocation was 11,428,129 and 1,584,575 for the nine months ended September 30, 2025 and the period from February 6, 2024 (inception) to September 30, 2024, respectively.
For the computation of basic net loss per share attributable to stockholders, the amount of weighted-average shares outstanding excludes all shares of unvested restricted common stock as such shares are not considered outstanding for accounting purposes until vested. The amount of weighted-average shares outstanding includes the pre-funded warrants as the exercise price is negligible and these warrants are fully vested and exercisable. The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to stockholders for the periods presented because including them would have had an anti-dilutive effect were as follows:
|  | Three Months Ended September 30, 2025 |  |  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2025 |  |  | Period from February 6, 2024 (inception) to September 30, 2024 |
Outstanding employee warrants to purchase common stock |  | 3,054,358 |  |  | 3,054,358 |  |  | 3,054,358 |  |  | 3,054,358 |
Outstanding unvested restricted stock awards |  |  | 1,355,038 |  |  |  | 2,207,553 |  |  |  | 1,355,038 |  |  |  | 2,207,553 |
Outstanding and issued common stock options |  |  | 3,814,560 |  |  |  | 1,287,760 |  |  |  | 3,814,560 |  |  |  | 1,287,760 |
Outstanding and issued warrant to Paruka |  |  | 596,930 |  |  |  | — |  |  |  | 596,930 |  |  |  | — |
Total |  |  | 8,820,886 |  |  |  | 6,549,671 |  |  |  | 8,820,886 |  |  |  | 6,549,671 |

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerUnitAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration