| Basic and Diluted EPS Attributable to Common Stockholders |
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 |
|
$ |
(14,270 |
) |
|
$ |
(2,237 |
) |
|
$ |
(32,849 |
) |
|
$ |
2,702 |
|
Add: Accretion of Cullgen redeemable convertible preferred stock |
|
|
(1,058 |
) |
|
|
(2,642 |
) |
|
|
(3,905 |
) |
|
|
(5,220 |
) |
Less: Allocation of undistributed loss to noncontrolling interest |
|
|
(3,665 |
) |
|
|
(2,835 |
) |
|
|
(11,945 |
) |
|
|
(2,644 |
) |
Net (loss) income attributable to common stockholders - basic |
|
$ |
(11,663 |
) |
|
$ |
(2,044 |
) |
|
$ |
(24,809 |
) |
|
$ |
126 |
|
Less: Change in fair value of warrant liability |
|
|
— |
|
|
|
212 |
|
|
|
— |
|
|
|
2,467 |
|
Net loss attributable to common stockholders - diluted |
|
$ |
(11,663 |
) |
|
$ |
(2,256 |
) |
|
$ |
(24,809 |
) |
|
$ |
(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 |
|
|
|
89,119,344 |
|
|
|
96,003,117 |
|
|
|
87,295,099 |
|
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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|
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Weighted average of common stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted average of preferred stock warrants (as converted) |
|
|
— |
|
|
|
83,794 |
|
|
|
— |
|
|
|
135,068 |
|
Weighted average shares used in calculating net loss per share attributable to common stockholders, diluted |
|
|
100,637,599 |
|
|
|
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 |
|
$ |
(0.12 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.00 |
|
Diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.03 |
) |
|
| Anti-dilutive Security not Included in Diluted per Share Calculations |
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, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025
(As Recast) |
|
|
2026 |
|
|
2025
(As Recast) |
|
Options to purchase common stock |
|
|
21,201,749 |
|
|
|
18,978,531 |
|
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|
21,201,749 |
|
|
|
19,043,331 |
|
Series B preferred stock (as converted) |
|
|
18,486,175 |
|
|
|
— |
|
|
|
18,486,175 |
|
|
|
— |
|
Redeemable convertible preferred stock (as converted) |
|
|
— |
|
|
|
13,009,130 |
|
|
|
— |
|
|
|
13,009,130 |
|
Warrants to purchase preferred stock (as converted) |
|
|
540,666 |
|
|
|
— |
|
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|
540,666 |
|
|
|
— |
|
Total |
|
|
40,228,590 |
|
|
|
31,987,661 |
|
|
|
40,228,590 |
|
|
|
32,052,461 |
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|