The basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities and multiple classes of shares. The Company considers its preferred stock to be in-substance common stock (see Note 2) and reflects it as a class of common stock for purposes of calculating net loss per share. While there were no shares of Series A Preferred Stock outstanding at June 30, 2026 and December 31, 2025, the conversion of the Series A Preferred Stock occurred in December 2025 and the weighted average shares outstanding for previous applicable periods are used in calculating net loss per share. The Series B Preferred Stock and the Warrants are participating securities.

Diluted net loss per common share is equivalent to the basic net loss per common share due to the exclusion of outstanding stock options, convertible preferred stock not considered in-substance common stock, outstanding common warrants (excluding Pre-Funded Warrants) and unvested RSUs because the inclusion of these securities would result in an anti-dilutive effect on per common share amounts.


	For the Three Months Ended June 30, 2026				For the Three Months Ended June 30, 2025
(in thousands, except share and per share data)	Series A Preferred Stock		Common Stock		Series A Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Allocation of net loss	$	—	$	(15,009)	$	(81)	$	(4,603)
Weighted average shares outstanding, basic and diluted	—		197,453,293		1,250		71,109,514
Net loss per share, basic and diluted	$	—	$	(0.08)	$	(64.73)	$	(0.06)

	For the Six Months Ended June 30, 2026				For the Six Months Ended June 30, 2025
(in thousands, except share and per share data)	Series A Preferred Stock		Common Stock		Series A Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Allocation of net loss	$	—	$	(31,996)	$	(258)	$	(14,661)
Weighted average shares outstanding, basic and diluted	—		166,674,573		1,250		71,077,747
Net loss per share, basic and diluted	$	—	$	(0.19)	$	(206.27)	$	(0.21)



	For the Period Ended
	June 30, 2026	December 31, 2025
Stock options to purchase common stock	21,207,427	17,613,352
Common stock issuable upon exercise of Series A Warrants	—	38,481,325
Common stock issuable upon exercise of Series B Warrants	28,861,000	28,861,000
Unvested RSUs	696,272	420,080
	50,764,699	85,375,757