Basic net loss per common share is determined by dividing the net loss by the weighted-average common shares outstanding during the period. The preferred shares do not have substantive preferential rights over common shares and are considered in-substance common shares and treated as a separate class of common stock for the purposes of computing earnings per share.

Basic and diluted net loss per common share is determined by dividing the net loss by the weighted-average common shares outstanding during the period, as follows (net loss in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(75,488	)	$	(16,049	)	$	(39,576	)	$	(31,079	)
Denominator:
Weighted average shares of common stock and in-substance common stock outstanding		6,132,845			233,431			3,295,727			226,571
Net loss per share – basic and diluted	$	(12.31	)	$	(68.75	)	$	(12.01	)	$	(137.17	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	June 30,
	2026		2025
Stock options issued and outstanding		1,378,309		64,000
Common warrants		—		43,360
Acquisition Warrants		570,169		—
Financing Warrants		3,749,231		—
Pre-funded warrants		—		10,000
Restricted stock awards		—		149
Total		5,697,709		117,509