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Basic and Diluted Net Loss Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Basic and Diluted Net Loss Per Share [Abstract]

BASIC AND DILUTED NET LOSS PER SHARE

11.

BASIC AND DILUTED NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Numerator:
Net loss attributable to common stockholders, basic and dilutive		$	(4,583	)		$	(58,932	)		$	(10,542	)		$	(65,526	)
Denominator:
Weighted-average common shares outstanding, basic and diluted			2,079,609				233,660				1,905,837				233,660
Net loss per share, basic and diluted		$	(2.20	)		$	(252.21	)		$	(5.53	)		$	(280.43	)

The following securities were excluded due to their anti-dilutive effect on net loss per share attributable to common stockholders recorded in each of the periods:

		As of June 30,
		2025				2024
Convertible preferred stock on an as-converted basis			-				402,438
Warrants to purchase preferred stock on an as-converted basis			-				4,344
Stock options outstanding			377,134				26,900
Unvested RSU’s			61,250				-
Warrants to purchase Common stock			881,007				-
Total			1,319,391				433,682

15. BASIC AND DILUTED NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):

		Year Ended December 31,
		2024				2023
Numerator:
Net Loss		$	(65,393	)		$	(57,720	)
Add: Gain on extinguishment of convertible preferred stock			—				216,386
Net income (loss) attributable to common stockholders, basic			(65,393	)			158,666
Less: Warrants, series with dilutive impact only			—				—
Less: Convertible preferred stock, series with dilutive impact only			—				(230,774	)
Net loss attributable to common stockholders, dilutive		$	(65,393	)		$	(72,108	)
Denominator:
Weighted-average common shares outstanding, basic			789,338				172,187
Add: Warrants, series with dilutive impact only			—				291,519
Add: Options, with dilutive impact only			—				1,592
Add: Convertible preferred stock, series with dilutive impact only			—				—
Weighted-average shares outstanding, dilutive			789,338				465,298

The following securities were excluded due to their anti-dilutive effect on net loss per share attributable to common stockholders recorded in each of the periods:

		As of December 31,
		2024				2023
Warrants to purchase preferred stock on an as-converted basis			—				4,344
Convertible preferred stock on an as-converted basis			—				204,253
Stock options outstanding			309,369				25,308
Unvested RSU’s			44,539				—
Warrants to purchase common stock			731,010				—
Total			1,084,918				233,905

As of December 31, 2023, no RSUs were vested as they did not meet the performance condition at the reporting period. In addition, outstanding stock options with performance conditions were not vested as the performance conditions were not met at December 31, 2024 and 2023. As the conditions were not satisfied at the end of each reporting period, the unvested shares were excluded when calculating diluted EPS.