Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury stock and if converted methods. Diluted net loss per share is the same as basic net loss per share for the three and six months ended June 30, 2026 and 2025, since the effects of any potentially dilutive securities, would be antidilutive given the net loss of the Company.

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net loss	$	(24,150	)	$	(12,209	)	$	(46,837	)	$	(27,515	)
Net loss per share, basic and diluted	$	(0.80	)	$	(12.91	)	$	(3.00	)	$	(29.09	)
Weighted-average shares outstanding, basic and diluted		30,111,338			946,000			15,609,236			946,000

The following table sets forth the outstanding shares of common stock and ordinary share equivalents, presented based on amounts outstanding at each period end, that were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive:


	Three & Six Months Ended June 30,
	2026		2025
Convertible preference shares		—		15,211,108
Warrants to purchase common stock		4,341,568		2,112,352
Options to purchase common stock		306,900		—