NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2025

Net loss per share basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss	$	(437,214)	$	(75,064)	$	(595,909)	$	(199,203)
Preferred Stock PIK dividend	(14,596)		(7,035)		(39,136)		(19,987)
Net loss attributable to common stockholders	$	(451,810)	$	(82,099)	$	(635,045)	$	(219,190)
Denominator:
Weighted average common shares outstanding, basic and diluted	45,948,603		45,269,895		45,807,560		45,174,580
Net loss per share, basic and diluted	$	(9.83)	$	(1.81)	$	(13.86)	$	(4.85)

As of September 30, 2025, the Company’s Series B, Series C, and Series C-1 preferred stockholders were entitled to cumulative dividends based on their stated value. As such, the Company calculates its net loss attributable to common stockholders by adjusting its net loss for the aggregate cumulative dividends that had accrued since the original issuance dates in the period in which the preferred stockholders became legally entitled to such dividends.

The Company’s potentially dilutive securities, which include preferred stock, warrants and stock options, have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Nine Months Ended September 30,
	2025	2024
Series A Preferred Stock	56,088,617	56,088,617
Series B Preferred Stock	25,416,180	25,416,180
Series C Preferred Stock	26,445,232	—
Series C-1 Preferred Stock	23,545,451	—
Warrants to purchase common stock	2,552,467	—
Options to purchase common stock	20,235,533	17,805,533
	154,283,480	99,310,330