Basic loss per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted‑average number of shares of common stock outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive shares of common stock. The dilutive effect of the Private Warrants is computed using the “treasury stock” method. Gains associated with the changes in the fair value of the Private Warrants are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti‑dilutive (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic EPS:
Numerator:
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)

Denominator:
Weighted average number of shares of common stock outstanding	18,594,006		18,423,699		18,571,685		18,486,699

Diluted EPS:
Numerator:
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)
Adjust for: Change in fair value of Private Warrant liability	(4,738)		—		(4,738)		—
Adjusted net loss	$	(16,079)	$	(10,569)	$	(24,654)	$	(23,439)

Denominator:
Weighted average number of shares of common stock outstanding	18,594,006		18,423,699		18,571,685		18,486,699
Dilutive effect of warrants - treasury stock method	340,273		—		171,076		—
Weighted average diluted shares of common stock outstanding	18,934,279		18,423,699		18,742,761		18,486,699

Basic loss per share:	$	(0.61)	$	(0.57)	$	(1.07)	$	(1.27)

Diluted loss per share:	$	(0.85)	$	(0.57)	$	(1.32)	$	(1.27)

The following common stock equivalents were excluded from the calculation of diluted loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	As of June 30,
	2026	2025
Series A-1 redeemable convertible preferred stock	—	4,528,900
Series A-2 redeemable convertible preferred stock	—	8,665,524
Series B-1 redeemable convertible preferred stock	—	9,972,682
Series C-1 redeemable convertible preferred stock	—	13,098,851
Series C-2 redeemable convertible preferred stock	—	9,221,245
Series D redeemable convertible preferred stock	—	21,827,755
Series B-1 and Series D redeemable convertible preferred stock warrants	—	1,084,228
Public Warrants	13,800,000	—
Options to purchase Series A Common Stock	19,589,342	18,180,825
Restricted stock units	5,116,217	5,190,513