Loss Per Share

3 Months Ended

Mar. 31, 2026

15. Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. The following table sets forth the computation of basic net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss attributable to common stockholders	$	(30,263	)	$	(5,985	)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders – basic		118,162,332			14,737,927

Net loss per share attributable to common stockholders	$	(0.26	)	$	(0.41	)

Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding in the basic net loss per share calculation plus the number of potential shares of common stock that would be issued assuming exercise or conversion of all potentially dilutive securities. For the three months ended March 31, 2026 and 2025, diluted net loss per share is the same as basic net loss per share as the inclusion of potentially dilutive shares would have been anti-dilutive.

The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the computation of diluted net

loss

per share attributable to common stockholders, as their effect would be anti-dilutive:


	Three Months Ended March 31,
	2026		2025
Common stock options outstanding		34,574,029		32,654,446
Convertible redeemable preferred stock outstanding		—		119,382,162
Unvested restricted stock awards		239,766		929,093
Founder Shares		1,500,000		—
Warrants to purchase common stock		10,424,967		—

Total		46,738,762		152,965,701

The restricted stock awards and Founder Shares, while legally outstanding, are not considered participating securities as any rights to dividends during the vesting period are forfeitable. The warrants are also not participating securities, as holders do not have rights to receive dividends or dividend equivalents unless and until the warrants are exercised.