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Net Income (Loss) Per Share Attributable to Common shareholders
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Common shareholders Net Income (Loss) Per Share Attributable to Common shareholders
The Company reports both basic net income (loss) per share, which is based on the weighted-average number of shares of common stock outstanding during the period without consideration for potential common stock equivalents, and diluted net income (loss) per share, which is based on the weighted-average number of common stock outstanding
and potentially dilutive shares outstanding during the period. The following table sets forth the computation of the basic and diluted net income (loss) per share attributable to common shareholders:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands, except share and per share data)2025202420252024
Net income (loss)$24,325 $(67,729)$(150,045)$(244,943)
Deemed dividend from Series D redeemable convertible preferred stock— — (384,436)— 
Adjustments of redeemable convertible preferred stock to redemption value— (24,661)(85,433)(71,368)
Net income (loss) attributable to common shareholders$24,325 $(92,390)$(619,914)$(316,311)
Denominator:
Weighted-average shares - basic282,099,073 35,643,589 128,447,673 35,442,927 
Effect of dilutive securities:
Dilutive awards and units1,659,504 — — — 
Dilutive options13,453,261 — — — 
Weighted-average shares - diluted297,211,838 35,643,589 128,447,673 35,442,927 
Net income (loss) per share attributable to common shareholders:
Basic$0.09 $(2.59)$(4.83)$(8.92)
Diluted$0.08 $(2.59)$(4.83)$(8.92)
Potential dilutive securities include dilutive common stock from stock-based awards attributable to the assumed exercise of stock options and RSUs using the treasury stock method. Under the treasury stock method, potential common stock outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive.
The following common stock equivalents were excluded from the calculation of diluted net income (loss) per share attributable to common shareholders for the periods presented as they had an anti-dilutive effect:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Series A preferred stock— 121,448,823 — 121,448,823 
Series B preferred stock— 7,407,408 — 7,407,408 
Series C preferred stock— 29,050,209 — 29,050,209 
Series D preferred stock— 25,629,071 — 25,629,071 
Outstanding warrants— 6,273,609 — 6,273,609 
Unvested RSUs74,786 695,625 4,368,855 695,625 
Outstanding stock options 1,519,047 21,263,852 22,670,564 21,263,852 
Unvested shares subject to repurchase23,446 662,000 23,446 662,000 
Total1,617,279 212,430,597 27,062,865 212,430,597 
Anti-dilutive potential shares from stock-based awards are excluded from the calculation of diluted earnings per share for all periods reported above because either their exercise price exceeded the average market price during the period or the stock-based awards were determined to be anti-dilutive based on applying the treasury stock method. Anti-dilutive potential shares from stock-based awards are excluded from the calculation of diluted earnings per share for the three months ended September 30, 2024 and the nine months ended September 30, 2025 and 2024 due to the net losses reported in those periods.