Fair Value of Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | June 30, 2025 | | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Liabilities: | | | | | | Warrant liabilities1 | $ | — | | | $ | — | | | $ | 54,789 | | Derivative call options1 | $ | — | | | $ | — | | | $ | 40,836 | | Notes payable1 | $ | — | | | $ | — | | | $ | 25,308 | | | Market-based awards | $ | — | | | $ | — | | | $ | 655 | | | | | | | | 1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities. | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | December 31, 2024 | | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Liabilities: | | | | | | Warrant liabilities1 | $ | — | | | $ | — | | | $ | 28,864 | | Derivative call options1 | $ | — | | | $ | — | | | $ | 29,709 | | Notes payable1 | $ | — | | | $ | — | | | $ | 46,628 | | | _______________ | | | | | | 1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities. |
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table summarizes the activity of Level 3 fair value measurements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Warrant Liabilities1 | | Derivative Call Option1 | | Notes Payable1 | | Market-based award4 | | | | Balance as of December 31, 2024 | $ | 28,864 | | | $ | 29,709 | | | $ | 46,628 | | | $ | — | | | | | | Additions | 32,328 | | 2 | 33,385 | | 2 | 27,524 | | 3 | 349 | | | | | | Change in fair value measurements | (6,403) | | | (18,499) | | | (13,273) | | | 307 | | | | | | Conversions of notes to Class A Common Stock | — | | | — | | | (35,571) | | | — | | | | | | Exercise of derivative call options | — | | | (3,759) | | | — | | | — | | | | | Balance as of June 30, 2025 | $ | 54,789 | | | $ | 40,836 | | | $ | 25,308 | | | $ | 655 | | | | | | _______________ | | | | | | | | | | | 1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities. | | | | 2 Addition to Warrant Liabilities and Derivative Call Option are included as loss in line items Change in fair value of notes payable, warrant liabilities, and derivative call options and Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. This information is presented to facilitate reconciliation to the related amounts reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. | | | | 3 Additions of Notes Payable measured at fair value are presented net of the initial fair value adjustment recorded at issuance. the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $26,146 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction. In addition, the line item Change in fair value of notes payable, warrant liabilities, and derivative call options includes a loss of $2,230 thousand, and the line item Change in fair value of related party notes payable, warrant liabilities, and derivative call options includes a loss of $184 thousand, both of which relate to debt issuance costs. These costs are separately identifiable from the fair value adjustments described above and are not included in the Additions of Notes Payable This information is presented to facilitate reconciliation to the related amounts reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. | | | | 4 As discussed in Note 13, Stock-Based Compensation, the issuance date fair value of the Market-based award is $10.3 million and as of June 30, 2025 the fair value of the Market-based award was $19.5 million. Amounts displayed here represent vesting for the award based on the issuance date fair value and the subsequent remeasurement of amounts vested. | | | |
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| Schedule of Earnings Per Share, Basic and Diluted |
The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands, except share and per share amounts) | | 2025 | | 2024 | | 2025 | | 2024 | | Net loss | | $ | (124,676) | | | $ | (108,685) | | | $ | (134,954) | | | $ | (156,902) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares used in computing net loss per share of Class A and B Common Stock: | | | | | | | | | | Basic | | 103,712,230 | | | 8,778,200 | | | 89,804,391 | | | 5,334,380 | | | Diluted | | 103,712,230 | | | 8,778,200 | | | 89,804,391 | | | 5,334,380 | | | | | | | | | | | | Net loss per share of Class A and B Common Stock attributable to common stockholders: | | | | | | | | | | Basic | | $ | (1.20) | | | $ | (12.38) | | | $ | (1.50) | | | $ | (29.41) | | | Diluted | | $ | (1.20) | | | $ | (12.38) | | | $ | (1.50) | | | $ | (29.41) | |
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