Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares of the Company outstanding during the period. Diluted net loss per share is computed by giving effect to all common stock equivalents of the Company, including equity-classified share-based compensation, the Brookfield SAFE, and warrants, to the extent they are dilutive.

The following table presents (in thousands, except share and per share amounts) the calculation of basic and diluted net loss per share for the Company’s common stock and has been retroactively adjusted to reflect the Reverse Stock Split. See Note 2 — Summary of Significant Accounting Policies”:


	Years Ended December 31,
		2025		2024
Numerator:
Net loss		$	(48,951)	$	(137,731)



Denominator:
Weighted-average number of common shares outstanding - basic		2,197,935		1,975,799



Weighted-average number of common shares outstanding - diluted(1)		2,197,935		1,975,799
Earnings per share:
Net loss per common share - basic		$	(22.27)	$	(69.71)
Net loss per common share - diluted		$	(22.27)	$	(69.71)

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(1)In periods in which the Company reports a net loss, all common stock equivalents are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share.

As of December 31, 2025 and 2024, common stock equivalents not included in the computation of loss per share because their effect would be antidilutive included the following (all amounts are presented on a post-Reverse Stock Split basis).


	As of December 31,
	2025	2024

Options	137,942	186,588
RSUs	49,525	77,679
Convertible Note	—	320,000
Brookfield SAFE	—	50,000
Warrants	443,477	463,577
Total	630,944	1,097,844