v3.26.3
Net Loss per Share (Tables)
9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss per Share of Common Stock

The following table sets forth the computation of basic and diluted net loss per share of common stock for the three and nine months ended September 30, 2026 and 2025 (in thousands, except share and per share data):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net loss

 

$

(59,066

)

 

$

(3,556

)

 

$

(129,723

)

 

$

(13,733

)

Weighted average shares outstanding used in calculating net loss per share, basic and diluted (1)

 

 

33,080,348

 

 

 

5,806,862

 

 

 

30,504,318

 

 

 

2,195,199

 

Net loss per share, basic and diluted

 

$

(1.79

)

 

$

(0.61

)

 

$

(4.25

)

 

$

(6.26

)

 

(1)
Included within weighted average shares of common stock outstanding for the three and nine months ended September 30, 2026 are 36,923 and 54,366 shares of common stock issuable upon the exercise of nominal exercise price warrants, respectively. Included within weighted average shares of common stock outstanding for the three and nine months ended September 30, 2025 are 113,873 and 113,960 shares of common stock issuable upon the exercise of nominal exercise price warrants, respectively. Additionally, included within weighted average common shares outstanding for the three and nine months ended September 30, 2026 are 1,907,078 and 1,395,354 shares of common stock issuable upon the exercise of pre-funded warrants issued in connection with the Company’s February 2026 and July 2026 private placements at an exercise price of $0.0001 per share. The pre-funded warrants are exercisable at any time for nominal consideration and are therefore included in basic and diluted weighted average shares outstanding from the date of issuance. Per ASC 260, Earnings Per Share, the warrants are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.
Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share

The following potentially dilutive shares, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share (in thousands):

 

 

September 30,
2026

 

 

September 30,
2025

 

Restricted stock – unvested (1)

 

 

—

 

 

 

7

 

Common stock warrants

 

 

3

 

 

 

4

 

Stock options

 

 

3,419

 

 

 

2,249

 

Total potentially dilutive shares

 

 

3,422

 

 

 

2,260

 

(1) As of September 30, 2026, there were 23 unvested restricted stock awards.