XML 17 R5.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ DEFICIT (UNAUDITED) - USD ($)
$ in Thousands
Total
2018 & 2020 Warrants
2025 Warrants
Issuance of Series E Preferred Stock, net of issuance costs
Issuance of Series F Preferred Stock, net of issuance costs
Common Stock
Common Stock
2018 & 2020 Warrants
Common Stock
2025 Warrants
Treasury Stock
Additional Paid-In Capital
Additional Paid-In Capital
2018 & 2020 Warrants
Additional Paid-In Capital
2025 Warrants
Related Party Promissory Note Receivable
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2023 734,142,041                            
Beginning balance at Dec. 31, 2023 $ 2,125,284                            
Redeemable Convertible Preferred Stock                              
Adjustment of preferred stock to redemption value $ 46,707                            
Ending balance (in shares) at Jun. 30, 2024 734,142,041                            
Ending balance at Jun. 30, 2024 $ 2,171,991                            
Beginning balance (in shares) at Dec. 31, 2023           35,297,278                  
Beginning balance at Dec. 31, 2023 (2,144,950)         $ 38     $ (330) $ 0     $ (25,701) $ (2,119,175) $ 218
Treasury stock, beginning balance (in shares) at Dec. 31, 2023                 182,500            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Stock-based compensation 8,943                 8,943          
Issuance of common stock upon exercise of stock options (in share)           121,106                  
Issuance of common stock upon exercise of stock options 603                 603          
Interest income from related party promissory notes (372)                       (372)    
Adjustment of preferred stock to redemption value (46,707)                 (9,546)       (37,161)  
Other comprehensive income (loss) 107                           107
Net income (loss) (177,214)                         (177,214)  
Ending balance (in shares) at Jun. 30, 2024           35,418,384                  
Treasury stock, ending balance (in shares) at Jun. 30, 2024                 182,500            
Ending balance at Jun. 30, 2024 $ (2,359,590)         $ 38     $ (330) 0     (26,073) (2,333,550) 325
Beginning balance (in shares) at Dec. 31, 2023 734,142,041                            
Beginning balance at Dec. 31, 2023 $ 2,125,284                            
Ending balance (in shares) at Dec. 31, 2024 734,142,041                            
Ending balance at Dec. 31, 2024 $ 2,221,651                            
Beginning balance (in shares) at Dec. 31, 2023           35,297,278                  
Beginning balance at Dec. 31, 2023 $ (2,144,950)         $ 38     $ (330) 0     (25,701) (2,119,175) 218
Treasury stock, beginning balance (in shares) at Dec. 31, 2023                 182,500            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Repurchases of common stock (in share) 0                            
Ending balance (in shares) at Dec. 31, 2024 36,504,319         35,842,319                  
Treasury stock, ending balance (in shares) at Dec. 31, 2024 182,500               182,500            
Ending balance at Dec. 31, 2024 $ (2,498,838)         $ 38     $ (330) 0     (26,456) (2,472,299) 210
Beginning balance (in shares) at Mar. 31, 2024 734,142,041                            
Beginning balance at Mar. 31, 2024 $ 2,148,397                            
Redeemable Convertible Preferred Stock                              
Adjustment of preferred stock to redemption value $ 23,594                            
Ending balance (in shares) at Jun. 30, 2024 734,142,041                            
Ending balance at Jun. 30, 2024 $ 2,171,991                            
Beginning balance (in shares) at Mar. 31, 2024           35,336,582                  
Beginning balance at Mar. 31, 2024 (2,274,594)         $ 38     $ (330) 0     (25,887) (2,248,648) 233
Treasury stock, beginning balance (in shares) at Mar. 31, 2024                 182,500            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Stock-based compensation 4,485                 4,485          
Issuance of common stock upon exercise of stock options (in share)           81,802                  
Issuance of common stock upon exercise of stock options 393                 393          
Interest income from related party promissory notes (186)                       (186)    
Adjustment of preferred stock to redemption value (23,594)                 (4,878)       (18,716)  
Other comprehensive income (loss) 92                           92
Net income (loss) (66,186)                         (66,186)  
Ending balance (in shares) at Jun. 30, 2024           35,418,384                  
Treasury stock, ending balance (in shares) at Jun. 30, 2024                 182,500            
Ending balance at Jun. 30, 2024 (2,359,590)         $ 38     $ (330) 0     (26,073) (2,333,550) 325
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Total Shareholders' Equity (Deficit), adjusted $ (2,498,837)                            
Beginning balance (in shares) at Dec. 31, 2024 734,142,041                            
Beginning balance at Dec. 31, 2024 $ 2,221,651                            
Redeemable Convertible Preferred Stock                              
Issuance of preferred stock, net of issuance costs (in shares)       12,345,674 4,657,401                    
Issuance of preferred stock, net of issuance costs       $ 57,493 $ 21,721                    
Adjustment of preferred stock to redemption value $ 85,433                            
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (in shares) (751,145,116)                            
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives $ (2,386,298)                            
Ending balance at Jun. 30, 2025 $ 0                            
Beginning balance (in shares) at Dec. 31, 2024 36,504,319         35,842,319                  
Beginning balance at Dec. 31, 2024 $ (2,498,838)         $ 38     $ (330) 0     (26,456) (2,472,299) 210
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 182,500               182,500            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Stock-based compensation $ 42,984                 42,984          
Issuance of common stock upon exercise of stock options (in share) 686,254         1,348,121                  
Issuance of common stock upon exercise of stock options $ 2,623                 2,623          
Common stock withheld for taxes and net exercises (in shares)           (134,959)                  
Common stock withheld for taxes and net exercises (2,066)                 (2,066)          
Interest income from related party promissory notes (128)                       (128)    
Payment of related party promissory notes $ 26,584                       26,584    
Repurchases of common stock (in share) (1,438,138)         (1,438,138)     (1,438,138)            
Repurchases of common stock $ (16,587)               $ (16,587)            
Adjustment of preferred stock to redemption value (85,433)                 (77,084)       (8,349)  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (in shares)           211,378,638                  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives 2,446,384         $ 211       2,446,173          
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)           27,058,823                  
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions 519,452         $ 27       519,425          
Net exercise of warrants in connection with initial public offering (in share)             4,174,907 784,231              
Net exercise of warrants in connection with initial public offering   $ 131,746 $ 16,499       $ 4       $ 131,742 $ 16,499      
Conversion of the 2025 Convertible Note, including the derecognition of associated embedded derivatives (in shares)           2,076,596                  
Conversion of the 2025 Convertible Note, including the derecognition of associated embedded derivatives 43,608         $ 2       43,606          
Other comprehensive income (loss) 445                 (14)         459
Net income (loss) $ (174,370)                         (174,370)  
Ending balance (in shares) at Jun. 30, 2025 281,090,538         281,090,538                  
Treasury stock, ending balance (in shares) at Jun. 30, 2025 1,620,638               1,620,638            
Ending balance at Jun. 30, 2025 $ 452,904         $ 282     $ (16,917) 3,123,888     0 (2,655,018) 669
Beginning balance (in shares) at Mar. 31, 2025 734,142,041                            
Beginning balance at Mar. 31, 2025 $ 2,246,113                            
Redeemable Convertible Preferred Stock                              
Issuance of preferred stock, net of issuance costs (in shares)       12,345,674 4,657,401                    
Issuance of preferred stock, net of issuance costs       $ 57,493 $ 21,721                    
Adjustment of preferred stock to redemption value $ 60,971                            
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (in shares) (751,145,116)                            
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives $ (2,386,298)                            
Ending balance at Jun. 30, 2025 0                            
Beginning balance (in shares) at Mar. 31, 2025           35,237,531                  
Beginning balance at Mar. 31, 2025 (2,599,865)         $ 38     $ (16,917) 0     0 (2,583,231) 245
Treasury stock, beginning balance (in shares) at Mar. 31, 2025                 1,620,638            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Stock-based compensation 28,293                 28,293          
Issuance of common stock upon exercise of stock options (in share)           514,771                  
Issuance of common stock upon exercise of stock options 1,190                 1,190          
Common stock withheld for taxes and net exercises (in shares)           (134,959)                  
Common stock withheld for taxes and net exercises (2,066)                 (2,066)          
Adjustment of preferred stock to redemption value (60,971)                 (60,974)       3  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (in shares)           211,378,638                  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives 2,446,384         $ 211       2,446,173          
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)           27,058,823                  
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions 519,452         $ 27       519,425          
Net exercise of warrants in connection with initial public offering (in share)             4,174,907 784,231              
Net exercise of warrants in connection with initial public offering   $ 131,746 $ 16,499       $ 4       $ 131,742 $ 16,499      
Conversion of the 2025 Convertible Note, including the derecognition of associated embedded derivatives (in shares)           2,076,596                  
Conversion of the 2025 Convertible Note, including the derecognition of associated embedded derivatives 43,608         $ 2       43,606          
Other comprehensive income (loss) 424                           424
Net income (loss) $ (71,790)                         (71,790)  
Ending balance (in shares) at Jun. 30, 2025 281,090,538         281,090,538                  
Treasury stock, ending balance (in shares) at Jun. 30, 2025 1,620,638               1,620,638            
Ending balance at Jun. 30, 2025 $ 452,904         $ 282     $ (16,917) $ 3,123,888     $ 0 $ (2,655,018) $ 669