Basic net loss per share is computed by dividing the net loss after tax attributable to common stockholders by the weighted average shares outstanding during the period. Diluted net loss per share is computed by including potentially dilutive securities outstanding during the period in the calculation of weighted average shares outstanding. The Company did not have any dilutive securities during the periods presented; therefore, diluted net loss per share is equal to basic net loss per share.

Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted net loss per share calculations for the three months ended March 31, 2026 and 2025 (in thousands, except par value, share and per share amounts):


	Three Months Ended
	March 31, 2026		March 31, 2025
Net loss	$	(8,379)	$	(4,662)
Basic and diluted weighted average shares outstanding	20,653,035		89,438
Net loss attributable to common shareholders, basic and diluted	$	(0.41)	$	(52.13)

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive:


	March 31, 2026	March 31, 2025
Series seed	—	882,620
Series A	—	1,173,971
Series B	—	316,507
Series C	—	2,626,639
Series D	—	4,240,522
Series E	—	1,543,771
Common options	2,692,609	1,311,346
Common warrants	43,578	17,827
Series Seed warrants	—	—
Series B warrants	—	45,859
Series D warrants	—	130,736
Total	2,736,187	12,289,798