Financial Performance & Liquidity Q3 2025 showed severely deteriorating performance: Net Loss widened significantly to $162.3M (vs. $95.8M YoY) on minimal revenue of $5.2M (down 80% YoY). For the nine months ended September 30, 2025, the Net Loss nearly doubled to ($536.6M) (vs. ($284.8M) YoY), resulting in diluted Loss Per Share of ($1.27). Revenue for the nine months also compressed to $39.1M. Operating expenses escalated, driven by R&D spending ($379.3M YTD) and a sharp 76% YoY increase in Stock-Based Compensation expense ($86.4M YTD). The Accumulated Deficit grew to nearly $2
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