v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)
Total shareholders' (deficit) equity attributable to ordinary shareholders
Westwood
Total shareholders' (deficit) equity attributable to ordinary shareholders
Convertible note
Total shareholders' (deficit) equity attributable to ordinary shareholders
Ordinary shares
Westwood
Ordinary shares
Convertible note
Ordinary shares
Additional paid-in capital
Westwood
Additional paid-in capital
Convertible note
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Noncontrolling interests
Westwood
Convertible note
Total
Beginning balance at Dec. 31, 2023     $ (1,205,298,000)     $ 21,000     $ 358,187,000 $ 25,267,000 $ (1,588,773,000) $ (5,404,000)     $ (1,210,702,000)
Beginning balance (in shares) at Dec. 31, 2023 [1]           474,621,603                  
Net loss     (459,319,000)               (459,319,000) (933,000)     (460,252,000)
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes     (401,000)             (401,000)         (401,000)
Foreign currency translation adjustment, net of nil income taxes     412,000             412,000         412,000
Total comprehensive loss     (459,308,000)             11,000 (459,319,000) (933,000)     (460,241,000)
Recapitalization of ordinary shares           $ (16,000)     16,000            
Share-based compensation     35,894,000           35,894,000           35,894,000
Conversion of redeemable convertible preferred shares to ordinary shares   $ 30,114,000 386,509,000     $ 1,000   $ 30,114,000 386,508,000         $ 30,114,000 386,509,000
Conversion of redeemable convertible preferred shares to ordinary shares ( in shares) [1]         3,011,368 68,228,526                  
Issuance of ordinary shares and warrants to L Catterton Asia Acquisition Corp ("LCAA"), the Private Investment in Public Equity ("PIPE") investors and warrant holders in connection with the consummation of business combination, net of transaction costs     675,379,000     $ 1,000     675,378,000           675,379,000
Issuance of ordinary shares and warrants to L Catterton Asia Acquisition Corp ("LCAA"), the Private Investment in Public Equity ("PIPE") investors and warrant holders in connection with the consummation of business combination, net of transaction costs (in shares ) [1]           94,277,279                  
Conversion of exchangeable notes to ordinary shares     365,970,000           365,970,000           365,970,000
Conversion of exchangeable notes to ordinary shares (in shares) [1]           36,597,038                  
Accretion of redeemable convertible preferred shares     (2,979,000)           (2,979,000)           (2,979,000)
Exercise of public warrants     5,975,000           5,975,000           5,975,000
Ending balance at Jun. 30, 2024     (167,744,000)     $ 7,000     1,855,063,000 25,278,000 (2,048,092,000) (6,337,000)     (174,081,000)
Ending balance (in shares) at Jun. 30, 2024 [1]           677,231,538                  
Exercise of public warrants (in shares) [1]           495,724                  
Beginning balance at Dec. 31, 2024     (852,862,000)     $ 7,000 [2]     1,785,664,000 55,165,000 (2,693,698,000) (7,364,000)     $ (860,226,000)
Beginning balance (in shares) at Dec. 31, 2024           676,826,794                 694,134,038
Net loss     (313,038,000)               (313,038,000) (2,000)     $ (313,040,000)
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes     16,427,000             16,427,000         16,427,000
Foreign currency translation adjustment, net of nil income taxes     (6,332,000)             (6,332,000)         (6,332,000)
Total comprehensive loss     (302,943,000)             10,095,000 (313,038,000) (2,000)     (302,945,000)
Share-based compensation     2,215,000           2,215,000           2,215,000
Issuance of ordinary shares $ 105,000     $ 51,000     $ 105,000           $ 105,000    
Disposal of equity investment under common control     58,671,000           58,671,000           58,671,000
Disposal of a subsidiary                       (382,000)     (382,000)
Ending balance at Jun. 30, 2025     $ (1,094,814,000)     $ 7,000 [2]     $ 1,846,655,000 $ 65,260,000 $ (3,006,736,000) $ (7,748,000)     $ (1,102,562,000)
Ending balance (in shares) at Jun. 30, 2025           676,877,794                 694,185,038
[1] Shares outstanding for all periods reflect the adjustment for Recapitalization.
[2] Amounts less than US$0.5.