Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2025

Net Loss Per Share Attributable to Common Stockholders

14.

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of Common Stock each period. The Company’s Class A common stock and Class B common stock share equally in distributed and undistributed earnings; therefore, no allocation to participating securities or dilutive securities is performed. Diluted net loss per share is calculated by giving effect to all potential dilutive Common Stock equivalents, which includes stock options, RSUs, RSAs, PSUs, and preferred stock. Because the Company incurred net losses each period, the basic and diluted calculations are the same. The Company used the if-converted method to calculate diluted EPS. As the Company had net losses in the three and six months ended June 30, 2025 and 2024, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(42,843	)	$	(552,212	)	$	(110,880	)	$	(616,955	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			(11,540	)		—			(39,347	)
Cumulative undeclared dividends on Series C preferred shares		—			(668	)		—			(1,174	)
Net loss attributable to common stockholders	$	(42,843	)	$	(564,420	)	$	(110,880	)	$	(657,476	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		173,381			82,325			171,960			72,930
Net loss per share attributable to common stockholders, basic and diluted	$	(0.25	)	$	(6.86	)	$	(0.64	)	$	(9.02	)

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. As disclosed in Note 10, the Company issued a warrant for $100 million in shares of the Company’s Class A common stock. As per the terms of the warrant, potentially dilutive shares are based on the latest equity financing price. The warrant was terminated for no consideration on December 31, 2024.


	As of June 30,
	2025		2024
Stock options outstanding		—		210,000
Astrazeneca warrant		—		2,702,703
Deep 6 holdback liability		17,372		—
SEngine holdback liability		—		41,007
Unvested RSUs		6,670,364		6,683,129
Unvested RSAs		23,887		—
SEngine contingent consideration		—		35,000
Total potentially dilutive shares		6,711,623		9,671,839

As disclosed in Note 12, the RSUs issued prior to the IPO include a liquidity event performance condition prior to vesting. As the liquidity event performance condition was satisfied upon completion of the IPO, as of June 30, 2025 and June 30, 2024, these shares are included in potentially dilutive shares.

As disclosed in Note 13, the Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date. As such, these are treated as contingently issuable shares and will be excluded from potential dilutive impact.