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Net Loss Per Share | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Earnings Per Share [Abstract] |  |
Net Loss Per Share | Note 18. Net Loss Per Share The following table sets forth the computation of basic and dilutive net loss per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Amounts in thousands, except share and per share amounts) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (26,258 | ) |  | $ | (25,607 | ) |  | $ | (203,608 | ) |  | $ | (54,503 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding, basic and diluted (1) |  |  | 103,585,681 |  |  |  | 17,478,371 |  |  |  | 100,130,737 |  |  |  | 17,466,606 |
Net loss per share, basic and diluted |  | $ | (0.25 | ) |  | $ | (1.47 | ) |  | $ | (2.03 | ) |  | $ | (3.12 | )
(1) | Three and nine months ended September 30, 2025 include 1,944,865 vested but unissued shares underlying awards of RSUs to employees and 28,500 vested RSUs but unissued shares underlying awards of RSUs to advisors. The Company is contractually obligated to issue shares of common stock for all vested but unissued RSUs.
Net loss per share calculations and potentially dilutive security amounts for all periods prior to the closing of the Merger have been retrospectively adjusted to the equivalent number of shares outstanding immediately after the Merger to effect the reverse recapitalization. Historically reported weighted average shares outstanding have been multiplied by the Exchange Ratio of approximately 0.78. The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive or out-of-the-money:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Stock options |  |  | 29,318,783 |  |  |  | 12,736,621 |  |  |  | 29,318,783 |  |  |  | 12,736,621 |
RSUs |  |  | 8,791,483 |  |  |  | 3,743,578 |  |  |  | 8,791,483 |  |  |  | 3,743,578 |
Earnout shares |  |  | 17,600,000 |  |  |  | — |  |  |  | 17,600,000 |  |  |  | — |
Common stock warrants |  |  | 50,000 |  |  |  | — |  |  |  | 50,000 |  |  |  | — |
Public warrants |  |  | 28,750,000 |  |  |  | — |  |  |  | 28,750,000 |  |  |  | — |
Private warrants |  |  | 898,250 |  |  |  | — |  |  |  | 898,250 |  |  |  | — |
Redeemable convertible preferred stock |  |  | — |  |  |  | 34,702,999 |  |  |  | — |  |  |  | 34,702,999 |
Legacy warrants |  |  | — |  |  |  | 4,695,604 |  |  |  | — |  |  |  | 4,695,604 |
Total potentially dilutive shares |  |  | 85,408,516 |  |  |  | 55,878,802 |  |  |  | 85,408,516 |  |  |  | 55,878,802 |
| Note 14. Net Loss Per Share Attributable to Common Shareholders The following table sets forth the computation of basic and dilutive net loss per share attributable to common stockholders for the years ended December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (61,195 | ) |  | $ | (87,589 | )
Denominator: |  |  |  |  |  |  |  |
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted |  |  | 17,476,105 |  |  |  | 4,213,244 |
Net loss per share attributable to common stockholders, basic and diluted |  | $ | (3.50 | ) |  | $ | (20.79 | )
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive for the years ended December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Redeemable convertible preferred stock |  |  | 44,494,703 |  |  |  | 44,494,703 |
Stock options |  |  | 36,363,184 |  |  |  | 16,437,980 |
Restricted stock units |  |  | 4,655,274 |  |  |  | 4,916,829 |
Series D and D-2 preferred stock warrants |  |  | 756,172 |  |  |  | 1,094,667 |
Pay-to-Play warrants (estimated See Note 8) |  |  | 1,127,088 |  |  |  | 721,086 |
Convertible Notes warrants - 2023 |  |  |  | (a) |  |  |  | (a)
Common stock warrants |  |  | — |  |  |  | 2,063 |
Pre-funded warrant (estimated See Note 8) |  |  | 2,000,000 |  |  |  | 7,007,582 |
Pre-funded warrant April 2024 (estimated See Note 8) |  |  | 4,500,000 |  |  |  | — |
Total potentially dilutive shares |  |  | 93,896,421 |  |  |  | 74,674,910 |
(a) | The number of warrants shares to be issued upon exercise of the 2023 Convertible Note Warrants is not determinable due to the variable settlement terms (see Note 8).

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