Net Loss Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Basic and Dilutive Net Loss Per Share

The table below sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2026		2025
Numerator
Net loss	$	(22,653)	$	(147,761)
Denominator:
Weighted-average shares outstanding, basic and diluted	122,382,195		91,747,685
Net loss per share, basic and diluted	$	(0.19)	$	(1.61)

Schedule of Antidilutive Securities Excluded from the of Computation of Diluted Net Loss Per Share

The table below sets forth a listing of potentially dilutive securities that were excluded from the calculation of diluted net loss per share attributable to common shareholders because the impact of including them would have been anti-dilutive or out-of-the-money:


	As of March 31,
	2026	2025
Stock options	28,697,076	28,042,235
RSUs	9,359,499	1,150,724
Earnout shares	17,600,000	17,600,000
Warrants issued to an advisor	50,000	50,000
Polar warrants (1)	9,375,000	—
BZAI warrants	29,648,250	29,648,250
ESPP (2)	3,047,669	3,047,669
Total	97,777,494	79,538,878

(1) The Polar warrants were issued in November 2025.

(2) The ESPP has not yet commenced.