Note 12 — Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding during the period. Because the Company incurred a net loss in all periods presented, basic and diluted net loss per share are the same.

The Company’s Series A Non-Voting Convertible Preferred Stock is considered a participating security because holders are entitled to receive dividends on an as-converted basis when dividends are paid on common stock. Accordingly, the Company applies the two-class method in computing basic net loss per share. As the holders of the Series A Non-Voting Convertible Preferred Stock are not contractually required to participate in the Company’s losses, no undistributed losses were allocated to these participating securities during the three and nine months ended September 30, 2026.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, as adjusted for the Reverse Stock Splits (in thousands, except share and per share data):

The following outstanding shares of potentially dilutive securities, as adjusted for the recapitalization and the Reverse Stock Splits, were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: