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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Revenues $ 8,918 $ 3,066 $ 24,483 $ 10,655
Cost of revenues:        
Cost of revenues 2,741 1,189 5,670 3,299
Gross margin:        
Gross margin 6,177 1,877 18,813 7,356
Operating expenses:        
Research and development 56,371 54,043 170,484 146,152
General and administrative [1] 30,380 20,834 86,241 57,399
Total operating expenses 86,751 74,877 256,725 203,551
Loss from operations (80,574) (73,000) (237,912) (196,195)
Other (expense) income:        
Interest expense (3,464) (2,908) (9,214) (8,502)
Interest income 2,628 1,035 7,348 5,740
Loss on issuance of convertible preferred stock (355,551) 0 (355,551) 0
Total other (expense) (356,387) (1,873) (357,417) (2,762)
Loss before income taxes (436,961) (74,873) (595,329) (198,957)
Income tax expense (253) (191) (580) (246)
Net loss (437,214) (75,064) (595,909) (199,203)
Convertible preferred stock PIK dividend (14,596) (7,035) (39,136) (19,987)
Net loss attributable to common stockholders, basic (451,810) (82,099) (635,045) (219,190)
Net loss attributable to common stockholders, diluted $ (451,810) $ (82,099) $ (635,045) $ (219,190)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (9.83) $ (1.81) $ (13.86) $ (4.85)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (9.83) $ (1.81) $ (13.86) $ (4.85)
Weighted average common shares outstanding, basic (in shares) 45,948,603 45,269,895 45,807,560 45,174,580
Weighted average common shares outstanding, diluted (in shares) 45,948,603 45,269,895 45,807,560 45,174,580
Comprehensive loss:        
Net loss $ (437,214) $ (75,064) $ (595,909) $ (199,203)
Foreign currency translation adjustments (110) 23 114 (47)
Comprehensive loss (437,324) (75,041) (595,795) (199,250)
Product revenue        
Revenues:        
Revenues [2] 2,917 799 7,993 1,395
Cost of revenues:        
Cost of revenues 1,660 662 2,255 1,250
Gross margin:        
Gross margin 1,257 137 5,738 145
Service revenue        
Revenues:        
Revenues [2] 6,001 2,267 16,490 9,260
Cost of revenues:        
Cost of revenues 1,081 527 3,415 2,049
Gross margin:        
Gross margin $ 4,920 $ 1,740 $ 13,075 $ 7,211
[1] Includes related party amounts of $0 and $(549) (general and administrative) for the three months ended September 30, 2025 and 2024, respectively. Includes related party amounts of $(140) and $(1,057) (general and administrative) for the nine months ended September 30, 2025 and 2024, respectively (see Note 14). See accompanying notes to consolidated financial statements
[2] Includes related party amounts of $0 and $535 (product revenue) and $1,454 and $1,260 (service revenue) for the three months ended September 30, 2025 and 2024, respectively. Includes related party amounts of $0 and $1,059 (product revenue) and $5,064 and $3,805 (service revenue) for the nine months ended September 30, 2025 and 2024, respectively (see Note 14)