Net Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except for share and per share amounts)	2026		2025		2026		2025
Net loss	$	(20,999)	$	(20,103)	$	(71,733)	$	(48,148)
Less: Cumulative dividends on Series B preferred stock	—		2,467		988		7,018
Less: Cumulative dividends on Series C preferred stock	—		—		1,791		—
Net loss attributable to common stock	(20,999)		(22,570)		(74,512)		(55,166)
Weighted-average number of shares of common stock outstanding, basic and diluted	42,115,003		748,485		35,156,232		743,401
Net loss per common share, basic and diluted	$	(0.50)	$	(30.15)	$	(2.12)	$	(74.21)

Schedule of Antidilutive Shares

The Company reported net losses for each of the three and nine months ended September 30, 2026 and 2025 and therefore excluded all options, restricted stock units, convertible preferred stock, and estimated shares issuable under the current ESPP offering period from the computation of diluted net loss per common share as their inclusion would have had an antidilutive effect, as summarized below:


	Three and Nine Months Ended September 30,
	2026	2025
Stock options	5,478,455	739,331
Restricted stock units	51,835	—
Convertible preferred stock	—	7,461,130
ESPP shares	612	—
Total potentially dilutive shares	5,530,902	8,200,461