Note 18. Net Loss per Share Applicable to Common Stockholders, Basic and Diluted

The Company calculates basic and diluted net loss per share attributable to common stockholders 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 shares of common stock.

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


	Three Months Ended March 31,
	2026			2025
Net loss	$	(20,262	)	$	(18,466	)
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted		76,872,371			16,905,684
Net loss per share applicable to common shareholders, basic and diluted	$	(0.26	)	$	(1.09	)

The Company excluded the following potential shares of common stock, 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:


	Three Months Ended March 31,
	2026		2025
Excluded securities:
Options to purchase common shares		2,332,762		2,581,989
Warrants to purchase common shares		11,163,825		4,549,958
Restricted stock units		2,698,437		719,398
Unvested RSPAs		7,706		30,825
Convertible notes (as converted to common shares)		16,333,549		18,917,877
GEM Derivative		3,914,010		—
Mandatory Convertible Security		—		9,387,409
Total common shares equivalents		36,450,289		36,187,456