Note 20. Net Loss per Share Applicable to Common Shareholders, Basic and Diluted

The Company calculates basic and diluted net loss per share attributable to common shareholders using the two-class method required for companies with participating securities. The Company considers preferred stock to be participating securities as the holders are entitled to receive dividends on a pari passu basis in the event that a dividend is paid on common shares.

The following table sets forth the computation of net loss per share applicable to common shareholders (in thousands, except share data):


	Year Ended December 31,
	2025			2024
Net loss	$	(110,556	)	$	(74,908	)
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted		35,101,792			12,910,341
Net loss per share applicable to common shareholders, basic and diluted	$	(3.15	)	$	(5.80	)

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2025		2024
Excluded securities:
Options to purchase common shares		2,332,762		2,689,131
Warrants to purchase common shares		11,163,825		4,549,958
Restricted stock units		2,432,187		745,234
Unvested RSPAs		13,486		36,907
Convertible notes (as converted to common shares)		19,322,698		9,802,974
Mandatory Convertible Security		—		9,887,756
Total common shares equivalents		35,264,958		27,711,960