Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive common share equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For the purposes of the diluted net loss per share calculation, common stock equivalents are considered to be potentially dilutive securities.

Reconciliation of net loss per share for the three months ended March 31, 2026 and 2025 was as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025


Net loss and comprehensive loss attributable to common stockholders	$	(3,406)	$	(11,136)
Weighted-average number of common shares used in computing net loss per share (1)	13,798		9,172
Net loss per share - basic and diluted (1)	$	(0.25)	$	(1.21)

The following securities were excluded from the calculation of net loss per share because the inclusion would be anti-dilutive as of March 31, 2026 and 2025 (in thousands):


	March 31, 2026	March 31, 2025
Common stock warrants (1)(2)	38,418	34,755
Merger earnout consideration shares (1)	1,000	2,000
Potential shares from convertible notes (1)	90	85

RSUs outstanding	839	—
Options outstanding (1)	1,101	652
Total	41,448	37,492

(1)Amounts as of March 31, 2025 differ from those published in prior unaudited condensed consolidated financial statements as they were retrospectively adjusted as a result of the Reverse Stock Split (refer to Note 1 - The Company and Summary of Significant Accounting Policies). Specifically, the number of potential common shares outstanding during the periods before the Reverse Stock Split are divided by the exchange ratio of 3:1, such that each three shares of potential common stock were combined and reconstituted into one share of potential common stock effective October 23, 2025.

(2)Warrants issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share. As such, for the three months ended March 31, 2026, we included pre-funded common stock warrants in our computation of net loss per share and thus excluded them from the table above. These warrants were issued in October 2025 with an exercise price of $0.0003 per pre-funded warrant (See Note 8 – Stockholders’ Equity for additional information).