Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common stock outstanding during the period, without consideration of potentially dilutive securities.

The Company uses the treasury stock method to determine the dilutive effect of potentially dilutive securities, and the if-converted method to determine the dilutive effect of any potentially dilutive convertible securities, as the Company’s only participating securities are shares of the Company’s common stock, and any dividends declared on the common stock would be forfeitable if not vested. There were no potentially dilutive securities included in the Company’s diluted net loss per share calculation for the three months ended March 31, 2026 and 2025, as the effect of any potentially dilutive security would have been anti-dilutive due to the net losses in those periods.


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2026		2025
Numerator
Net loss	$	(22,653)	$	(147,761)
Denominator:
Weighted-average shares outstanding, basic and diluted	122,382,195		91,747,685
Net loss per share, basic and diluted	$	(0.19)	$	(1.61)

The table below sets forth a listing of potentially dilutive securities that were excluded from the calculation of diluted net loss per share attributable to common shareholders because the impact of including them would have been anti-dilutive or out-of-the-money:


	As of March 31,
	2026	2025
Stock options	28,697,076	28,042,235
RSUs	9,359,499	1,150,724
Earnout shares	17,600,000	17,600,000
Warrants issued to an advisor	50,000	50,000
Polar warrants (1)	9,375,000	—
BZAI warrants	29,648,250	29,648,250
ESPP (2)	3,047,669	3,047,669
Total	97,777,494	79,538,878