Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Note 10. Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(160,416	)	$	(4,690	)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		204,784,615			200,000,000

Net loss per share, basic and diluted	$	(0.78	)	$	(0.02	)

Basic net loss per share was the same as diluted net loss per share for all periods as the inclusion of potentially dilutive securities would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations were as follows:


	Year Ended December 31,
	2025		2024
Shares subject to outstanding common stock options		50,000,000		50,000,000
Shares subject to outstanding common stock warrants		7,432,122		—
Retainer shares		12,500,000		—

Total		69,932,122		50,000,000