
	Three Months Ended March 31,
(in thousands except for share and per share amounts)	2026		2025
Net loss	$	(27,232)	$	(12,400)
Less: Cumulative dividends on Series B preferred stock	988		2,182
Less: Cumulative dividends on Series C preferred stock	1,791		—
Net loss attributable to common stock	(30,011)		(14,582)
Weighted-average number of shares of common stock outstanding, basic and diluted	22,704,124		736,933
Net loss per common share, basic and diluted	$	(1.32)	$	(19.79)

Basic net loss per common share is calculated by dividing the net loss, adjusted for the unpaid cumulative Series B and Series C preferred stock dividends, by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. Common share equivalents include shares issuable upon the exercise of stock options and the conversion of preferred stock. During the three months ended March 31, 2026 and 2025, convertible preferred stock on an as if converted basis and unexercised options have been excluded as their effect is antidilutive. There were no other potentially dilutive, unissued shares of common stock for the three months ended March 31, 2026 and 2025. The Company had no outstanding non-voting common stock as of March 31, 2026 and 2025.

The Company reported net losses for each of the three months ended March 31, 2026 and 2025 and therefore excluded all options and convertible preferred stock from the computation of diluted net loss per common share as their inclusion would have had an antidilutive effect, as summarized below: