Net Income (Loss) Per Share Attributable to Shareholders (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and dilutive net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	5,711	$	(14,904)	$	1,477	$	(30,093)
Less: Net income attributable to participating securities	(4,204)		—		(1,089)		—
Net income (loss) attributable to common stockholders	1,507		(14,904)		388		(30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	10,429,583		10,107,487		10,376,253		10,049,097
Net income (loss) per share, basic	$	0.14	$	(1.47)	$	0.04	$	(2.99)
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	1,507	$	(14,904)	$	388	$	(30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	10,429,583		10,107,487		10,376,253		10,049,097
Effect of dilutive securities:
Outstanding stock options	4,336,722		—		3,940,885		—
Warrants to purchase redeemable convertible preferred stock	8,798		—		8,616		—
Warrants to purchase common stock	98,294		—		93,366		—
Restricted stock awards in exchange for non-recourse note	698,552		—		698,245		—
Weighted-average shares used in calculating net income (loss) per share, diluted	15,571,949		10,107,487		15,117,365		10,049,097
Net income (loss) per share, diluted	$	0.10	$	(1.47)	$	0.03	$	(2.99)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Redeemable convertible preferred stock	29,084,235	29,084,235	29,084,235	29,084,235
Outstanding stock options	-	6,565,802	-	6,565,802
Restricted stock awards in exchange for non-recourse note	-	700,000	-	700,000
Warrants to purchase common stock	-	121,566	-	121,566
Warrants to purchase redeemable convertible preferred stock	-	9,660	-	9,660
Unvested early-exercised options	-	500	-	500