The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(152,594	)	$	(1,298	)	$	(154,258	)	$	(3,914	)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		201,686,617			200,000,000			200,568,383			200,000,000
Net loss per share, basic and diluted	$	(0.76	)	$	(0.01	)	$	(0.77	)	$	(0.02	)

Basic net loss per share was the same as diluted net loss per share for all periods as the inclusion of potentially dilutive securities would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations were as follows:


	September 30,
	2025		2024
Shares subject to outstanding common stock warrants		8,760,000		8,760,000
Shares subject to outstanding common stock options		50,000,000		50,000,000
Retainer shares		12,500,000		—
Total		71,260,000		58,760,000