NET LOSS PER SHARE

3 Months Ended

Sep. 30, 2026

The Company calculates net loss per share as defined by ASC 260, Earnings per Share (“ASC 260”). Basic net loss per share (“Basic EPS”) is computed by dividing net loss attributable to common shareholders by the

weighted-average common stock outstanding during the respective period. Per ASC 260, shares issuable for little to no consideration (“Penny Warrants”) should be included in the number of outstanding shares used for Basic EPS. As of September 30, 2026 and 2025, the Company included the Tranche A Senior Non-Convertible Preferred Stock Warrants outstanding in the denominator of Basic EPS since the exercise price was $0.01 per share thus are considered Penny Warrants. As of September 30, 2025, the Tranche A Contingent Warrants were excluded from Penny Warrants as the contingency had not yet been resolved. Refer to Note 9 of the condensed consolidated financial statements for further details.

Diluted net loss per share (“Diluted EPS”) is computed by dividing net loss attributable to common and common equivalent shareholders by the total of the weighted-average common stock outstanding and common equivalent shares outstanding during the respective period. For the purpose of calculating the Company’s Diluted EPS, common equivalent shares outstanding include common shares issuable upon the exercise of outstanding employee stock options, unvested RSUs, PVUs assuming market conditions are satisfied as of the end of the reporting period, common shares issuable upon the conclusion of each ESPP offering period, Warrants, and Senior Non-Convertible Preferred Stock Warrants (excluding the Penny Warrants). The number of common equivalent shares outstanding has been determined in accordance with the treasury stock method for employee stock options, RSUs, PVUs, common stock issuable pursuant to the ESPP, Warrants, and Senior Non-Convertible Preferred Stock Warrants to the extent they are dilutive. Under the treasury stock method, the exercise price paid by the option holder and future share-based compensation expense that the Company has not yet recognized are assumed to be used to repurchase shares.

The following table sets forth the computation of net loss per share for the periods presented:


	Three Months Ended September 30,
(in thousands, except per share amounts)		2026		2025
Numerator:
Net loss attributable to common shareholders, basic		$	(40,462)	$	(47,941)
Change in fair value of warrants(1)		—		—
Net loss attributable to common shareholders, diluted		(40,462)		(47,941)
Denominator:
Weighted-average common stock outstanding, basic		191,459		185,816
Stock options outstanding to purchase shares of common stock including unvested RSUs and from the ESPP(2)		—		—
Dilutive effect of warrants to purchase common stock		—		—
Weighted-average common stock outstanding, diluted		191,459		185,816

Net loss per share—basic:		$	(0.21)	$	(0.26)

Net loss per share—diluted:		$	(0.21)	$	(0.26)

(1) Includes the change in fair value of warrant liabilities to the extent the related warrants to purchase common stock are dilutive or the effect is dilutive.

(2) Excluded from the computation of net loss per share-diluted for the three months ended September 30, 2026, and September 30, 2025, because the effect would have been anti-dilutive.

The weighted average potential shares of common stock that were excluded from the calculation of net loss per share-diluted for the periods presented because including them would have been anti-dilutive consisted of the following:


	Three Months Ended September 30,
(in thousands)		2026	2025



Stock options outstanding to purchase shares of common stock, unvested RSUs and shares from the ESPP		13,121	12,593

The weighted average potential shares of common stock that were excluded from the calculation of net loss per share-diluted because the performance or market conditions associated with these awards were not met are as follows for the periods presented:


	Three Months Ended September 30,
(in thousands)		2026	2025




Shares subject to outstanding PVUs		8,608	8,639

The weighted average potential shares of common stock that were excluded from the calculation of net loss per share-diluted because the exercise price of the warrants exceeded the average market price of the Company's common stock or the effect would have been anti-dilutive for the periods presented:


	Three Months Ended September 30,
(in thousands)		2026	2025




Warrants to purchase shares of common stock		18,744	24,942