Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows:


	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)

Schedule of Antidilutive Shares

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:


	Three Months Ended March 31,
	2026	2025
Stock options	5,476,081	720,560
Convertible preferred stock	—	7,461,125
Total potentially dilutive shares	5,476,081	8,181,685