v3.26.1
Net Loss per Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Loss per Share Net Loss per Share
Basic loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. For purposes of calculating net loss per share, the weighted-average number of common shares outstanding includes the weighted average effect of the pre-funded warrants issued in March 2025 and in November 2025, the exercise of which requires little or no consideration for the delivery of shares of common stock. Diluted earnings or loss per share of common stock is computed similarly to basic loss or earnings per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents, if dilutive. The Company’s convertible preferred stock, warrants, stock options and RSUs, and Conversion Shares, while outstanding, are considered common stock equivalents for this purpose. Diluted earnings is computed utilizing the treasury method for the warrants, stock options and RSUs. Diluted earnings is computed utilizing the if-converted method for the Conversion Shares. Diluted earnings with respect to the convertible preferred stock utilizing the if-converted method was not applicable during the periods presented as no conditions required for conversion had occurred.
For the three months ended June 30, 2026, the dilutive effect of the March 2025 Warrants and the March 2025 Private Placement Warrants issued by the Company is reflected in diluted earnings per share (“EPS”) using the treasury stock method. For the six months ended June 30, 2026 and the three and six months ended June 30, 2025, the net loss, basic and diluted EPS are the same as the assumed exercise of stock options, warrants and restricted stock units are anti-dilutive.
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2025
2026202520262025
Net loss(8,098)(7,420)(73,633)(15,614)
Less: Change in fair value of March 2025 Warrants and March 2025 Private Placement Warrants(7,387)
Adjusted diluted net loss(15,485)(7,420)(73,633)(15,614)
Weighted average shares outstanding95,483,280 63,376,392 91,211,050 48,712,124 
Add: Dilutive effect of March 2025 Warrants and March 2025 Private Placement Warrants15,900,731 
Weighted average diluted shares outstanding111,384,01163,376,39291,211,05048,712,124
Net loss per share - basic$(0.08)$(0.12)$(0.81)$(0.32)
Net loss per share - diluted$(0.14)$(0.12)$(0.81)$(0.32)
The following potential common shares were not considered in the computation of diluted net loss per share as their effect would have been anti-dilutive for the periods presented below:
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2025
2026202520262025
Warrants3,715,56122,904,87919,616,29222,904,879
Stock options7,813,7517,255,6357,813,7517,255,635
RSUs4,260,4242,091,2274,260,4242,091,227
Conversion shares525,015525,015
Total
16,314,75132,251,74132,215,48232,251,741