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Stock Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2025:
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding — December 31, 2024 |  |  | 18,077,869 |  |  | $ | 1.75 |  |  |  | 6.0 |
Options granted |  |  | 1,637,000 |  |  | $ | 10.17 |  |  |  |
Options exercised |  |  | (1,904,995 | ) |  | $ | 1.04 |  |  |  | 0.0 |
Options forfeited and cancelled |  |  | — |  |  |  |  |  |  |
Outstanding — June 30, 2025 |  |  | 17,809,874 |  |  | $ | 2.60 |  |  |  | 5.9 |
Exercisable — June 30, 2025 |  |  | 15,640,870 |  |  | $ | 1.58 |  |  |  | 5.4 |
Summary of Weighted-Average Grant Date Fair Value of Options and The Assumptions Used to Estimate Those Fair Value for Time-Based and Performance-Based Awards | The following table shows the weighted-average grant date fair value of options and the assumptions used to estimate the fair value for time-based awards, and for performance-based awards during the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Time-based and performance-based awards |  | 2025 |  |  | 2024 |  | 2025 |  |  | 2024 |
Weighted-average grant-date fair value |  | $ | 7.01 |  |  | n/a |  | $ | 7.32 |  |  | $ | 17.86 |
Risk-free interest rate (%) |  | 3.92% - 4.09% |  |  | n/a |  | 3.92% - 4.40% |  |  |  | 4.2 | %
Expected option life (in years) |  | 5.27 - 6.08 |  |  | n/a |  | 5.27 - 6.41 |  |  |  | 6.0 |
Expected dividend yield (%) |  |  | — | % |  | n/a |  |  | — | % |  |  | — | %
Volatility (%) |  | 81.5% - 84.3% |  |  | n/a |  | 81.5% - 84.3% |  |  |  | 84.3 | %
Summary of Stock-Based Compensation Expense Recognized | Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
General and administrative |  | $ | 830 |  |  | $ | 16 |  |  | $ | 1,337 |  |  | $ | 27 |
Cost of revenue |  |  | 47 |  |  |  | — |  |  |  | 47 |  |  |  | — |
Selling and marketing |  |  | 29 |  |  |  | — |  |  |  | 29 |  |  |  | — |
Total stock-based compensation expense |  | $ | 906 |  |  | $ | 16 |  |  | $ | 1,413 |  |  | $ | 27 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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