Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows:


	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)

Schedule of Antidilutive Shares

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