
	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(122,309)	$	(78,278)
Convertible preferred stock PIK dividend	—		12,164
Net loss attributable to common stockholders	$	(122,309)	$	(90,442)
Denominator:
Weighted-average common shares outstanding, basic and diluted	229,644,583		45,634,214
Net loss per share, basic and diluted	$	(0.53)	$	(1.98)

The Company’s potentially dilutive securities, which include pre-initial public offering (“IPO”) convertible preferred stock, unvested warrants, stock options and restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	March 31, 2026	March 31, 2025
Series A convertible preferred stock	—	56,088,617
Series B convertible preferred stock	—	25,416,180
Series C convertible preferred stock	—	18,105,365
Warrants to purchase Class A common stock	2,552,467	—
Unvested restricted stock	4,232,979	—
Options to purchase Class A common stock	19,118,288	19,877,128
	25,903,734	119,487,290