Basic net loss per share is computed using the weighted average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of shares outstanding and the weighted average dilutive potential shares outstanding using the treasury stock method. However, for the three months ended March 31, 2026 and 2025, diluted net loss per share is the same as basic net loss per share because the inclusion of weighted average shares of common stock issuable upon the exercise of stock options and warrants or vesting of restricted stock units would be anti-dilutive.

Weighted average common shares outstanding includes (i) the Pre-Funded Warrants, as the exercise price is negligible, and (ii) PSUs that have been earned but are subject to a delayed settlement feature, as the vesting conditions have been met but the shares will be settled at a later date. Series A and B Preferred Stock are also included in the calculation of net loss per share under the two-class method. The Series A and B Preferred Stock have no preferential treatment compared to shares of common stock and therefore, the Series A and B Preferred Stock are considered additional classes of common stock for purposes of calculating net loss per share. As the Series A and B Preferred Stock are convertible into shares of common stock at a one-to-one ratio, the basic and diluted net loss per share of the Series A and B Preferred Stock is the same as basic and diluted net loss per common share and, accordingly, the Company has not separately presented the basic and diluted net loss per share for each class, and has calculated the basic and diluted net loss per share by including all shares in the denominator.


	Three Months Ended March 31,
	2026		As Revised 2025
Numerator:
Net loss	$	(94,391)	$	(73,238)
Denominator:
Weighted average common shares outstanding	22,959,235		22,091,314
Pre-funded warrants	3,605,790		3,605,790
Weighted average earned PSUs	97,600		18,333
Series A preferred stock	1,969,797		1,969,797
Series B preferred stock	400,000		400,000
Basic and diluted weighted average number of shares outstanding	29,032,422		28,085,234

Basic and diluted net loss per common, Series A preferred, and Series B preferred share	$	(3.25)	$	(2.61)

The Company previously concluded that its Pre-Funded Warrants and Series A and B Preferred Stock should be excluded from the calculation of basic and diluted net loss per share pursuant to the two-class method. In preparation of the financial statements for the three months ended March 31, 2026, the Company determined that the exercise of the Pre-Funded Warrants was not subject to a contingency, as previously concluded, and have a negligible exercise price of $0.0001. The Company also determined that the Series A and B Preferred Stock do not have preferential rights over the Company’s common stock and should therefore be considered additional classes of the Company’s common stock for the earnings per share calculations. As a result of the correction, the Pre-Funded Warrants and the Series A and B Preferred Stock should be included in basic and diluted net loss per share calculation.

The Company assessed the materiality of the change in the calculation of net loss per share, considering both quantitative and qualitative factors, and concluded that the effects of the change to the calculation and presentation of net loss per share are not material, individually or in the aggregate, to any previously reported quarterly or annual period and are not expected to be material to the current period annual financial statements. However, the Company has revised its presentation of net loss per share previously included in the Company’s consolidated financial statements to reflect the inclusion of the Pre-Funded Warrants and Series A and B Preferred Stock in basic and diluted weighted average shares outstanding for the three months ended March 31, 2025 and these revisions are reflected in this Form 10-Q. All related amounts have been updated to reflect the effects of the revision throughout the financial statements and related footnotes, as applicable. The Company will also revise its presentation of net loss per share consistent with the foregoing in its future filings, as applicable.

As the Series A and B Preferred Stock are convertible into shares of common stock at a one-to-one ratio, the basic and diluted net loss per share of the Series A and Series B Preferred Stock is the same as basic and diluted net loss per

common share and accordingly, the Company has not separately presented the basic and diluted net loss per share for each class, and has calculated the basic and diluted net loss per share by including all shares in the denominator.


	Weighted Average Shares Outstanding		Net Loss per Share
Period Impacted	As Reported	As Revised	As Reported		As Revised
Year-ended 12/31/2025	22,434,310	28,409,706	$	(12.85)	$	(10.15)
Year-ended 12/31/2024	21,272,962	26,908,070	$	(21.90)	$	(17.31)
Year-ended 12/31/2023	18,687,774	21,562,581	$	(19.99)	$	(17.33)

Three months ended 3/31/25	22,091,314	28,085,234	$	(3.32)	$	(2.61)
Three months ended 6/30/25	22,207,017	28,232,604	$	(1.90)	$	(1.50)
Six months ended 6/30/25	22,149,492	28,159,333	$	(5.22)	$	(4.10)
Three months ended 9/30/25	22,482,502	28,508,089	$	(5.08)	$	(4.01)
Nine months ended 9/30/25	22,261,718	28,276,865	$	(10.32)	$	(8.12)