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ORDINARY SHARES AND ORDINARY SHARE WARRANTS
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
ORDINARY SHARES AND ORDINARY SHARE WARRANTS ORDINARY SHARES AND ORDINARY SHARE WARRANTS
As of September 30, 2025, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B Ordinary Shares. As of September 30, 2025, the Company had 2,027,147 Preferred Shares outstanding, 68,839,327 Class A Ordinary Shares outstanding and 11,288,577 Class B Ordinary Shares outstanding.

The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each Class A Ordinary Share is entitled to one vote per share. Each Class B Ordinary Share is entitled to 10 votes per share. Class B Ordinary Shares may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to a Class A Ordinary Share.

As of September 30, 2025 and December 31, 2024, the Company had reserved ordinary shares for future issuance as follows:

September 30, 2025
December 31, 2024
Share options3,232,3114,042,901
Options to restricted shares19,897,46919,948,408
RSUs2,490,8123,009,918
Ordinary share warrants3,385,6402,372,858
Redeemable convertible preferred shares2,027,1475,000,000
Exchangeable notes11,434,70411,434,704
Shares available for future grant of equity awards(1)10,055,4588,121,438
Shares reserved for issuance under the ESPP733,470832,713 
Total shares of ordinary share reserved53,257,011 54,762,940 
(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") pursuant to the terms of the 2022 Plan. For more information on the automatic increases see our Form 10-K.

Ordinary Share Warrants

The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares. For warrants that do not meet all the criteria for equity classification, the warrants are recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. Changes in the estimated fair value of the liability-classified warrants are recognized as a non-cash other income or expense in the accompanying unaudited condensed consolidated statements of operations.
As of September 30, 2025, there were 433,942 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,900 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, 1,309,632 warrants expiring in September 2034 with an exercise price of $0.01 per share, and 1,229,166 warrants expiring in June 2027 (consisting of the Public Warrants) with an exercise price of $138 per share to purchase one Class A Ordinary Share.

Redeemable Convertible Preferred Stock
In May 2023, the Company issued 5,000,000 Preferred Shares at $15.00 per share to Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P for gross total proceeds of $75 million. During the third quarter of 2025, a total of 2,972,853 Preferred Shares were converted into 2,972,853 Class A Ordinary Shares at the option of the holders. This conversion resulted in a reduction of the Preferred Shares outstanding and a corresponding increase in the Company's Class A Ordinary Shares. The conversion was accounted for by reclassifying the carrying value of the converted Preferred Shares from mezzanine equity to permanent equity. Following this conversion, 2,027,147 Preferred Shares remain outstanding as of September 30, 2025.