Net Loss Per Share

6 Months Ended

Jun. 30, 2026

The calculations of net loss per share were as follows (in thousands, except share and per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(148,753)	$	(80,416)	$	(271,062)	$	(158,694)
Convertible preferred stock PIK dividend	—		12,376		—		24,540
Net loss attributable to common stockholders	$	(148,753)	$	(92,792)	$	(271,062)	$	(183,234)
Denominator:
Weighted-average common shares outstanding, basic and diluted	231,977,950		45,834,973		230,815,748		45,734,278
Net loss per share, basic and diluted	$	(0.64)	$	(2.02)	$	(1.17)	$	(4.01)

The Company’s potentially dilutive securities, which include pre-initial public offering (“IPO”) convertible preferred stock, unvested warrants, and shares issuable under stock-based compensation plans, 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:


	June 30, 2026	June 30, 2025
Series A convertible preferred stock	—	56,088,617
Series B convertible preferred stock	—	25,416,180
Series C convertible preferred stock	—	18,230,780
Unvested warrants	2,552,467	—
Shares issuable under stock-based compensation plans	20,613,487	20,345,231
	23,165,954	120,080,808