
	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands except for share and per share amounts)	2026		2025		2026		2025
Net loss	$	(23,502)	$	(15,645)	$	(50,734)	$	(28,045)
Less: Cumulative dividends on Series B preferred stock	—		2,369		988		4,551
Less: Cumulative dividends on Series C preferred stock	—		—		1,791		—
Net loss attributable to common stock	(23,502)		(18,014)		(53,513)		(32,596)
Weighted-average number of shares of common stock outstanding, basic and diluted	40,436,264		744,641		31,619,178		740,808
Net loss per common share, basic and diluted	$	(0.58)	$	(24.19)	$	(1.69)	$	(44.00)

Basic net loss per common share is calculated by dividing the net loss, adjusted for the unpaid cumulative Series B and Series C preferred stock dividends, by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. Common share equivalents include shares issuable upon the exercise of stock options and the conversion of preferred stock. During the three and six months ended June 30, 2026 and 2025, convertible preferred stock on an as if converted basis and unexercised options have been excluded as their effect is antidilutive. There were no other potentially dilutive, unissued shares of common stock for the three and six months ended June 30, 2026 and 2025. The Company had no outstanding non-voting common stock as of June 30, 2026 and 2025.

The Company reported net losses for each of the three and six months ended June 30, 2026 and 2025 and therefore excluded all options and convertible preferred stock from the computation of diluted net loss per common share as their inclusion would have had an antidilutive effect, as summarized below:


	Three and Six Months Ended June 30,
	2026	2025
Stock options	5,492,836	740,786
Restricted stock units	2,450	—
Convertible preferred stock	—	7,461,125
Total potentially dilutive shares	5,495,286	8,201,911

As described further in Note 5, Stockholders’ Equity – Common and Preferred Stock, in May 2026, the Company sold to Investors Pre-Funded Warrants to purchase 300,000 shares of the Company’s common stock at an exercise price of $0.00001 per share. The weighted-average number of common shares outstanding used in the basic and diluted net loss per share calculations includes the weighted-average effect of the Pre-funded Warrants, as the Pre-Funded Warrants are exercisable at any time for nominal cash consideration.