NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of calculation of basic and diluted earnings per share

The following table presents the calculation of the Company’s basic and diluted net loss per share to common stockholders:


	Three Months Ended				Nine Months Ended
(in thousands, except share and per share data)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator
Net loss	$	(88,977)	$	(125,688)	$	(309,175)	$	(1,929,939)
Denominator
Weighted average shares of common stock—basic and diluted	36,124,256		31,880,054		35,415,266		31,326,117
Net loss per share to common stockholders
Basic	$	(2.46)	$	(3.94)	$	(8.73)	$	(61.61)
Diluted	$	(2.46)	$	(3.94)	$	(8.73)	$	(61.61)

Schedule of weighted-average stock equivalents excluded from the calculation of diluted net loss per share

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented as they had an anti-dilutive effect:


	Three and Nine Months Ended
	September 30, 2025	September 30, 2024
Unvested restricted stock units	5,077,509	4,146,221
Employee stock purchase plan	139,692	—
Shares subject to options to purchase common stock	104,315	104,315
Total	5,321,516	4,250,536