| Schedule of Basic and Diluted Earnings Per Share |
Diluted net loss per share is calculated using the if-converted method as of September 30, 2024, which assumes conversion of all non-voting common stock to voting common stock.
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Three months ended |
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Nine months ended |
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September 30, 2025 |
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September 30, 2025 |
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Voting common stock |
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Voting common stock |
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Basic and diluted net loss per share: |
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Net loss |
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$ |
(44,866 |
) |
|
$ |
(125,937 |
) |
Weighted average number of shares outstanding |
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102,262,904 |
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71,816,247 |
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Net loss per share, basic and diluted |
|
$ |
(0.44 |
) |
|
$ |
(1.75 |
) |
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Three months ended |
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Nine months ended |
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September 30, 2024 |
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September 30, 2024 |
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Voting common stock |
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Non-voting common stock |
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Voting common stock |
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Non-voting common stock |
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Basic net loss per share: |
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Numerator |
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Allocation of undistributed losses |
|
$ |
(30,629 |
) |
|
$ |
— |
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|
$ |
(82,185 |
) |
|
$ |
(1,093 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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49,470,666 |
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— |
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48,758,341 |
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|
648,351 |
|
Net loss per share, basic |
|
$ |
(0.62 |
) |
|
$ |
— |
|
|
$ |
(1.69 |
) |
|
$ |
(1.69 |
) |
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Diluted net loss per share: |
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Numerator |
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Allocation of undistributed losses for basic computation |
|
$ |
(30,629 |
) |
|
$ |
— |
|
|
$ |
(82,185 |
) |
|
$ |
(1,093 |
) |
Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares |
|
|
— |
|
|
|
— |
|
|
|
(1,093 |
) |
|
|
— |
|
Allocation of undistributed losses |
|
$ |
(30,629 |
) |
|
$ |
— |
|
|
$ |
(83,278 |
) |
|
$ |
(1,093 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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|
49,470,666 |
|
|
|
— |
|
|
|
48,758,341 |
|
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|
648,351 |
|
Add: conversion of non-voting to voting common shares outstanding |
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— |
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— |
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648,351 |
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— |
|
Weighted average number of shares used in diluted per share computation |
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49,470,666 |
|
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— |
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49,406,692 |
|
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|
648,351 |
|
Net loss per share, diluted |
|
$ |
(0.62 |
) |
|
$ |
— |
|
|
$ |
(1.69 |
) |
|
$ |
(1.69 |
) |
|
| Schedule of Antidilutive Shares Excluded from Calculation of Diluted Net Loss Per Share |
The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:
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As of September 30, |
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2025 |
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2024 |
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Stock options to purchase common stock |
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13,618,173 |
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10,610,798 |
|
Warrants to purchase common stock |
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53,090,190 |
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— |
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Total |
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66,708,363 |
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10,610,798 |
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