Net Loss Per Share

3 Months Ended

Mar. 31, 2026

The following table sets forth the computation of basic and diluted net loss per share of common stock. Diluted net loss per share considers the more dilutive of the two-class method and if-converted method. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Net loss and comprehensive loss	$	(13,818)	$	(8,823)
Basic and diluted weighted-average shares outstanding	19,927,848		2,229,637
Basic and diluted net loss per share	$	(0.69)	$	(3.96)

As of March 31, 2026, the Company’s stock-based compensation awards could have the most significant impact on diluted shares should the instruments represent dilutive instruments. However, securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price of stock options exceeds the average closing price of the Company’s shares of common stock during the period, because their inclusion would result in an anti-dilutive effect on the per share amounts.

The following amounts were not included in the calculation of net loss per diluted share for the periods presented because their effects were anti-dilutive:


	Three Months Ended March 31,
	2026	2025
Stock options	4,625,833	1,556,748
Redeemable convertible preferred stock	—	14,542,503
Total	4,625,833	16,099,251