| Net (Loss) Income per Share ("EPS") Attributable to Common Stockholders |
10. Net (Loss) Income per Share (“EPS”) Attributable to Common Stockholders The dilutive effect of outstanding stock options and warrants is calculated using the treasury stock method. Stock options and warrants are excluded from the diluted EPS attributable to common stock calculation if they have an anti-dilutive effect. If there is a net loss for the period, all options are excluded from the diluted EPS calculation. The following table sets forth the computation of EPS attributable to common stockholders, basic and diluted (in thousands, except share and per share data):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025
(As Recast) |
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2026 |
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2025
(As Recast) |
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Numerator: |
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Net (loss) income |
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$ |
(14,270 |
) |
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$ |
(2,237 |
) |
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$ |
(32,849 |
) |
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$ |
2,702 |
|
Add: Accretion of Cullgen redeemable convertible preferred stock |
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(1,058 |
) |
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(2,642 |
) |
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(3,905 |
) |
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(5,220 |
) |
Less: Allocation of undistributed loss to noncontrolling interest |
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(3,665 |
) |
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(2,835 |
) |
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(11,945 |
) |
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(2,644 |
) |
Net (loss) income attributable to common stockholders - basic |
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$ |
(11,663 |
) |
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$ |
(2,044 |
) |
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$ |
(24,809 |
) |
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$ |
126 |
|
Less: Change in fair value of warrant liability |
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— |
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212 |
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— |
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2,467 |
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Net loss attributable to common stockholders - diluted |
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$ |
(11,663 |
) |
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$ |
(2,256 |
) |
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$ |
(24,809 |
) |
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$ |
(2,341 |
) |
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Denominator: |
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Basic common shares outstanding: |
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Weighted average common shares outstanding |
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100,637,599 |
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89,119,344 |
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96,003,117 |
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87,295,099 |
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Weighted average shares used in calculating net (loss) income per share attributable to common stockholders, basic |
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100,637,599 |
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89,119,344 |
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96,003,117 |
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87,295,099 |
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Dilutive potential common shares: |
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Weighted average of common stock options |
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— |
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— |
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— |
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— |
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Weighted average of preferred stock warrants (as converted) |
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— |
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83,794 |
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— |
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135,068 |
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Weighted average shares used in calculating net loss per share attributable to common stockholders, diluted |
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100,637,599 |
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89,203,138 |
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96,003,117 |
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87,430,167 |
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Net (loss) income per share attributable to common stockholders: |
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Basic |
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$ |
(0.12 |
) |
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$ |
(0.02 |
) |
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$ |
(0.26 |
) |
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$ |
0.00 |
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Diluted |
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$ |
(0.12 |
) |
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$ |
(0.03 |
) |
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$ |
(0.26 |
) |
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$ |
(0.03 |
) |
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025
(As Recast) |
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2026 |
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2025
(As Recast) |
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Options to purchase common stock |
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21,201,749 |
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18,978,531 |
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21,201,749 |
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19,043,331 |
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Series B preferred stock (as converted) |
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18,486,175 |
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— |
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18,486,175 |
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— |
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Redeemable convertible preferred stock (as converted) |
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— |
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13,009,130 |
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— |
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13,009,130 |
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Warrants to purchase preferred stock (as converted) |
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540,666 |
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— |
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540,666 |
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— |
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Total |
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40,228,590 |
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31,987,661 |
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40,228,590 |
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32,052,461 |
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