Note 18. Net Loss per Share Applicable to Common Stockholders, Basic and Diluted

The Company calculates basic and diluted net loss per share attributable to common stockholders using the two-class method required for companies with participating securities. The Company considers preferred stock to be participating securities as the holders are entitled to receive dividends on a pari passu basis in the event that a dividend is paid on shares of common stock.

The following table sets forth the computation of net loss per share applicable to common shareholders (in thousands, except share data and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net loss	$	(28,133	)	$	(27,998	)	$	(48,395	)	$	(46,464	)
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted		98,388,335			20,902,901			87,673,959			18,925,445
Net loss per share applicable to common shareholders, basic and diluted	$	(0.29	)	$	(1.34	)	$	(0.55	)	$	(2.46	)

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Excluded securities:
Options to purchase common shares		2,306,824		2,421,713		2,306,824		2,421,713
Warrants to purchase common shares		12,491,766		5,205,454		12,491,766		5,205,454
Restricted stock units		2,209,062		2,325,986		2,209,062		2,325,986
Unvested RSPAs		—		25,045		—		25,045
Convertible notes (as converted to common shares)		11,950,750		15,333,624		11,940,646		16,936,095
Mandatory Convertible Security		—		11,630,814		—		8,799,797
Total common shares equivalents		28,958,402		36,942,636		28,948,298		35,714,090