Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Basic and Diluted Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net (loss) income	$	12,477	$	(113,726)	$	38,967	$	(241,911)


Less: cumulative dividends to preferred stockholders	(4,100)		—		(8,381)		—
Less: deemed dividend to preferred stockholders related to a conversion price adjustment	(46,052)		—		(46,052)		—
Net loss attributable to common stockholders, basic	(37,675)		(113,726)		(15,466)		(241,911)
Less: gain on change in fair value of liability-classified warrants	(58,280)		—		(122,938)		—
Net loss attributable to common stockholders, diluted	$	(95,955)	$	(113,726)	$	(138,404)	$	(241,911)
Denominator
Weighted-average common shares outstanding, basic	187,241		60,197		181,825		59,720
Effect of dilutive liability-classified warrants	5,962		—		7,061		—
Weighted-average common shares outstanding, diluted	193,203		60,197		188,886		59,720
Net loss per common share, basic	$	(0.20)	$	(1.89)	$	(0.09)	$	(4.05)
Net loss per common share, diluted	$	(0.50)	$	(1.89)	$	(0.73)	$	(4.05)

Schedule of Dilutive Common Stock Equivalents

The following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive (in thousands):


	Three and Six Months Ended June 30,
	2026	2025
Common stock warrants	38,904	215
Redeemable convertible preferred stock	30,604	62,240
Common stock options and RSUs	56,278	53,957
Redeemable convertible preferred stock warrants	—	1,305
ESPP	79	—
Total	125,865	117,717