The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic and diluted:
Net loss available to common stockholders	$	(30,256)	$	(9,833)	$	(130,055)	$	(13,671)
Weighted average common shares outstanding — (1)(2)	79,756,908		123,335		78,254,877		67,828
Loss per share	$	(0.38)	$	(79.73)	$	(1.66)	$	(201.55)

(1)The weighted average number of common shares outstanding as of June 30, 2025 includes the Abeyance Shares from the exercise of the Existing Warrants, the exercise of which was fully paid by the Holders and requires no further consideration for the delivery of the shares of Class A common stock. Therefore, the Abeyance Shares are included in the computation of basic and diluted loss per share as of the exercise date. The Abeyance Shares were subsequently issued at the direction of the Holder.

(2)In September 2025, in connection with the 2025 PIPE Offerings, the Company issued and sold 2025 Pre-funded Warrants exercisable for an aggregate of 36,261,239 shares of Class A common stock. The 2025 Pre-funded Warrants are included in the computation of basic and diluted loss per share as of the issuance date. Refer to Note 9 for additional information about the 2025 PIPE Offerings and the 2025 Pre-Funded Warrants.

The following outstanding securities, presented based on amounts outstanding as of the end of each period, were not included in the computation of diluted net loss per share for the periods indicated, as they would have been anti-dilutive due to the net loss in each period.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	295,176	3,635	295,176	3,635
Restricted stock units	21,200	—	21,200	—
Warrants	79,695,950	18,554	79,695,950	18,554