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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	)
Net loss
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	)


	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).