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CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT) (UNAUDITED) - USD ($)
$ in Thousands
Total
Outstanding stock options
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
Outstanding stock options
Common Stock
Unvested RSUs
Common Stock
2018 & 2020 Warrants
Common Stock
2025 Warrants
Treasury Stock
Additional Paid-In Capital
Additional Paid-In Capital
Outstanding stock options
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 $ 71,368                                    
Ending balance (in shares) at Sep. 30, 2024 734,142,041                                    
Ending balance at Sep. 30, 2024 $ 2,196,652                                    
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 13,666                       13,666            
Issuance of common stock upon exercise of stock options (in share)             212,541                        
Issuance of common stock upon exercise of stock options 1,260                       1,260            
Vesting of shares from early exercised stock options (in shares)             306,000                        
Vesting of shares from early exercised stock options 4,956                       4,956            
Interest income from related party promissory notes (561)                               (561)    
Adjustment of preferred stock to redemption value (71,368)                       (19,882)         (51,486)  
Other comprehensive income (loss) (13)                                   (13)
Net income (loss) (244,943)                                 (244,943)  
Ending balance (in shares) at Sep. 30, 2024             35,815,819                        
Treasury stock, ending balance (in shares) at Sep. 30, 2024                       182,500              
Ending balance at Sep. 30, 2024 $ (2,441,953)           $ 38         $ (330) 0       (26,262) (2,415,604) 205
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 Jun. 30, 2024 734,142,041                                    
Beginning balance at Jun. 30, 2024 $ 2,171,991                                    
Redeemable Convertible Preferred Stock                                      
Adjustment of preferred stock to redemption value $ 24,661                                    
Ending balance (in shares) at Sep. 30, 2024 734,142,041                                    
Ending balance at Sep. 30, 2024 $ 2,196,652                                    
Beginning balance (in shares) at Jun. 30, 2024             35,418,384                        
Beginning balance at Jun. 30, 2024 (2,359,590)           $ 38         $ (330) 0       (26,073) (2,333,550) 325
Treasury stock, beginning balance (in shares) at Jun. 30, 2024                       182,500              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Stock-based compensation 4,723                       4,723            
Issuance of common stock upon exercise of stock options (in share)             91,435                        
Issuance of common stock upon exercise of stock options 657                       657            
Vesting of shares from early exercised stock options (in shares)             306,000                        
Vesting of shares from early exercised stock options 4,956                       4,956            
Interest income from related party promissory notes (189)                               (189)    
Adjustment of preferred stock to redemption value (24,661)                       (10,336)         (14,325)  
Other comprehensive income (loss) (120)                                   (120)
Net income (loss) (67,729)                                 (67,729)  
Ending balance (in shares) at Sep. 30, 2024             35,815,819                        
Treasury stock, ending balance (in shares) at Sep. 30, 2024                       182,500              
Ending balance at Sep. 30, 2024 $ (2,441,953)           $ 38         $ (330) 0       (26,262) (2,415,604) 205
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         $ 57,217 $ 21,617                          
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 $ (2,385,918)                                    
Ending balance at Sep. 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
Beginning balance, adjusted at Dec. 31, 2024 $ (2,498,837)                                    
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 182,500                     182,500              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Stock-based compensation $ 56,639                       56,639            
Issuance of common stock upon exercise of stock options (in share) 1,287,294           1,948,254                        
Issuance of common stock upon exercise of stock options $ 3,776           $ 1           3,775            
Shares withheld for taxes related to net exercise of options and settled RSUs (in shares)               (355,232) (415,389)                    
Shares withheld for taxes related to net exercise of options and settled RSUs   $ (18,218)                       $ (18,218)          
Vesting of shares from early exercised stock options 327                       327            
RSU's vested upon IPO, settled in August 2025 (in shares)             1,048,250                        
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 2,446,004           $ 211           2,445,793            
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 $ 15,926           $ 4         $ 131,742 $ 15,926      
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 46,642           $ 2           46,640            
Other comprehensive income (loss) 516                       (22)           538
Net income (loss) $ (150,045)                                 (150,045)  
Ending balance (in shares) at Sep. 30, 2025 282,103,259           282,103,259                        
Treasury stock, ending balance (in shares) at Sep. 30, 2025 1,620,638                     1,620,638              
Ending balance at Sep. 30, 2025 $ 478,364           $ 283         $ (16,917) 3,124,943       0 (2,630,693) 748
Beginning balance (in shares) at Jun. 30, 2025 0                                    
Beginning balance at Jun. 30, 2025 $ 0                                    
Redeemable Convertible Preferred Stock                                      
Issuance of preferred stock, net of issuance costs         $ (276) $ (104)                          
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives 380                                    
Ending balance at Sep. 30, 2025 0                                    
Beginning balance (in shares) at Jun. 30, 2025             281,090,538                        
Beginning balance at Jun. 30, 2025 452,904           $ 282         $ (16,917) 3,123,888       0 (2,655,018) 669
Treasury stock, beginning balance (in shares) at Jun. 30, 2025                       1,620,638              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Stock-based compensation 13,655                       13,655            
Issuance of common stock upon exercise of stock options (in share)             600,133                        
Issuance of common stock upon exercise of stock options 1,153           $ 1           1,152            
Shares withheld for taxes related to net exercise of options and settled RSUs (in shares)               (220,273) (415,389)                    
Shares withheld for taxes related to net exercise of options and settled RSUs   $ (16,152)                       $ (16,152)          
Vesting of shares from early exercised stock options 327                       327            
RSU's vested upon IPO, settled in August 2025 (in shares)             1,048,250                        
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (380)                       (380)            
Net exercise of warrants in connection with initial public offering       $ (573)                       $ (573)      
Conversion of the 2025 Convertible Note, including the derecognition of associated embedded derivatives 3,034                       3,034            
Other comprehensive income (loss) 71                       (8)           79
Net income (loss) $ 24,325                                 24,325  
Ending balance (in shares) at Sep. 30, 2025 282,103,259           282,103,259                        
Treasury stock, ending balance (in shares) at Sep. 30, 2025 1,620,638                     1,620,638              
Ending balance at Sep. 30, 2025 $ 478,364           $ 283         $ (16,917) $ 3,124,943       $ 0 $ (2,630,693) $ 748