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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 291,167 $ 51,367
Accounts receivable, net 27,858 24,639
Restricted cash, current 0 150
Prepaid expenses and other current assets 8,761 6,132
Total current assets 327,786 82,288
Property and equipment, net 7,984 8,920
Operating lease right-of-use assets, net 17,108 18,805
Restricted cash, non-current 4,475 4,325
Other non-current assets 7,045 4,366
Total assets 364,398 118,704
Current liabilities:    
Accounts payable 1,958 2,870
Accrued expenses and other current liabilities 30,368 25,319
Operating lease liabilities, current 5,523 5,416
Total current liabilities 37,849 33,605
Term loan 0 136,431
Common stock warrant liability 55,421 20,835
Operating lease liabilities, non-current 16,266 18,537
Other non-current liabilities 294 214
Total liabilities 109,830 209,622
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock issuable in series, $0.001 par value; none and 122,231,454 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation value of none and $951,917 as of September 30, 2025 and December 31, 2024, respectively 0 768,566
Stockholders’ equity (deficit):    
Preferred stock, $0.001 par value; 50,000,000 and no shares authorized as of September 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value; 200,000,000 and 210,300,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 83,473,696 and 6,122,048 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 83 6
Additional paid-in capital 1,318,352 112,241
Accumulated other comprehensive loss (512) (772)
Accumulated deficit (1,063,355) (970,959)
Total stockholders’ equity (deficit) 254,568 (859,484)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) $ 364,398 $ 118,704