Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

Schedule of Basic and diluted net loss per share attributable to common stockholders

Basis and diluted net loss per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):


		For the Year Ended
		December 31,
		2025			2024
Numerator:
Net loss for basic net loss per share attributable to common stockholders		$	(18,214)		$	(29,397)
Reversal of fair market value remeasurement net gain on Convertible Notes ⁽¹⁾			(7,810)			—
Add back of interest expense from the Convertible Notes ⁽¹⁾			651			—
Net loss for diluted net loss per share attributable to common stockholders		$	(25,373)		$	(29,397)

Denominator:
Weighted-average common shares outstanding, basic			7,419,060			2,574,233
Effect of potentially dilutive securities:
Convertible Notes			364,122			—
Weighted-average common shares outstanding, diluted			7,783,182			2,574,233

Net loss per share attributable to common stockholders:
Basic		$	(2.46)		$	(11.42)
Diluted		$	(3.26)		$	(11.42)

(1)

As the Company recorded its Convertible Notes at fair value, when calculating the diluted net loss per share for the year ended December 31, 2025, the respective fair value remeasurement net gain of $7.8 million recognized in the consolidated statement of operations and comprehensive loss during the year ended December 31, 2025 should be reversed and treated as an adjustment to the numerator. In addition, the $0.7 million of interest expense from the Convertible Notes recognized in the consolidated statement of operations and comprehensive loss during the year ended December 31, 2025 should be added back as an adjustment to the numerator.

Schedule of potentially dilutive securities excluded from the calculation of diluted net loss per share


		For the Year Ended
		December 31,
		2025		2024
Preferred stock (as converted to common stock)		—		3,963,910
Stock options to purchase common stock		1,212,246		729,010