Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

Basic and diluted net loss per common share for the three and six months ended June 30, 2026 and 2025 was calculated as follows:

Unit : in thousand	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator:
Net loss attributable to common stockholders	$	(61,944,898)	$	(3,011,034)	$	(78,374,330)	$	(6,319,253)
Denominator:
Weighted average common shares outstanding—basic and diluted	117,748,175		102,206,153		112,901,012		100,495,425
Net loss per share attributable to common stockholders— basic and diluted	$	(0.53)	$	(0.03)	$	(0.69)	$	(0.06)

The Company computes net loss per share using the two-class method for periods in which participating securities were outstanding. Prior to the Business Combination, the Company's convertible preferred stock was a participating security because it shared in dividends with common stock on an as-converted basis. As the Company incurred net losses in all periods presented and the preferred holders had no obligation to fund losses, no losses were allocated to the preferred and net loss attributable to common stockholders equals net loss. On May 7, 2026, all outstanding convertible preferred stock converted into common stock and the Company retroactively restated the preferred stock to reflect the change in capital structure as a result of the Business Combination. Thereafter, the Company’s only participating securities outstanding relate to the PIPE Common Warrants.

Basic and diluted net loss per share are computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding. Potentially dilutive securities were excluded because their effect would have been anti-dilutive in all periods presented.

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each stated period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:

	June 30,
	2026	2025
Stock options	10,363,112	—
Top-up Awards	527,709	—
Warrants	9,244,582	—
Total potentially dilutive shares	20,135,403	—