v3.25.3
Net Loss Per Share
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Net Loss Per Share
Note 9. Net Loss Per Share
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
  
  
 
 
     
 
 
  
Note 10. Net Loss Per
Share
Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock outstanding for the period. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. Specifically, NSOs granted under the 2024 Plan to purchase an aggregate of 50,000,000 shares of the Company’s common stock were considered anti-dilutive and therefore were excluded from the computation of diluted net loss per share for the year ended December 31, 2024. There were no outstanding securities considered anti-dilutive for computation of diluted net loss per share for the year ended December 31, 2023.
 
    
Year Ended December 31,
  
    
2024
     
2023
  
Net loss (in thousands)
   
$
(4,690
) 
   
$
(3,261
) 
  
 
 
     
 
 
  
Net loss per share — basic and diluted
   
$
(0.02
) 
   
$
(0.02
) 
Weighted average number of shares during the period — basic and diluted
     
200,000,000
       
200,000,000