The following table sets forth the net loss per share calculations for the three months ended March 31, 2026 and 2025:


(in thousands, except share and per share data)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator
Net loss attributable to controlling interests shareholders	$	(69,707)	$	(39,944)

Denominator
Total weighted average number of outstanding shares	71,273,650		63,233,788

Net loss per share – basic and diluted	$	(0.98)	$	(0.63)

There were 3,022,610 and 1,380,339 common stock equivalents outstanding in the form of unexercised stock options and unvested restricted stock awards under the Equity Incentive Plan (as defined below in Note 13 — Share-Based Compensation) as of March 31, 2026 and 2025, respectively, that have been excluded from the calculation of net loss per share – diluted as their effect would be anti-dilutive.

Class C Ordinary Shares have been excluded from the weighted average number of outstanding shares used to calculate the net loss per share – basic and diluted as they do not carry economic rights.