The following table sets forth the net loss per share calculations for the three and six months ended June 30, 2026 and 2025:


(in thousands, except share and per share data)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Numerator
Net loss attributable to controlling interests shareholders	$	(61,805)	$	(55,220)	$	(131,513)	$	(95,165)

Denominator
Total weighted average number of outstanding shares	73,915,296		63,282,728		72,601,770		63,258,393

Net loss per share – basic and diluted	$	(0.84)	$	(0.87)	$	(1.81)	$	(1.50)

There were 3,001,553 and 1,576,378 ordinary share equivalents outstanding in the form of unexercised stock options and unvested restricted stock awards under the Equity Incentive Plan (as defined below in Note 13 — Share-Based Compensation), as of June 30, 2026 and 2025, respectively, and 1,500,000 and nil unexercised options related to the Over-Allotment Option as of June 30, 2026 and 2025, respectively, that have been excluded from the calculation of net loss per share – diluted as their effect would be anti-dilutive.

Class C Ordinary Shares have been excluded from the weighted average number of outstanding shares used to calculate the net loss per share – basic and diluted as they do not carry economic rights. As the exercise price per Pre-Funded Warrant is deemed non-substantive when compared to the fair value of the underlying Class A Ordinary Shares, such issuable shares are included in the calculation of basic and diluted net loss per share.