Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Numerator:
Net loss		$	(39,966	)		$	(14,678	)		$	(67,236	)		$	(25,572	)
Preferred Stock cumulative dividends			—				(4,884	)			—				(8,000	)
Net loss attributable to common stockholders		$	(39,966	)		$	(19,562	)		$	(67,236	)		$	(33,572	)
Denominator:
Weighted-average common shares outstanding, basic and diluted			53,770,868				3,008,807				53,694,424				3,002,173
Net loss per share attributable to common stockholders, basic and diluted		$	(0.74	)		$	(6.50	)		$	(1.25	)		$	(11.18	)

Schedule of Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


		As of June 30,
		2025				2024
Preferred Stock (as converted to common stock)			—				33,321,149
Stock options to purchase common stock			8,250,833				6,224,230
			8,250,833				39,545,379