Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Net Loss Per Share

Net Loss Per Share

12.Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss for basic net loss per share attributable to common stockholders	$	(5,527)	$	(5,513)	$	(10,939)	$	(16,690)
Reversal of fair market value remeasurement net gain on Convertible Notes (1)		—		—		(7,810)		—
Add back of interest expense from the Convertible Notes (1)		—		—		651		—
Net loss for diluted net loss per share attributable to common stockholders	$	(5,527)	$	(5,513)	$	(18,098)	$	(16,690)
Denominator:
Weighted-average common shares outstanding, basic		9,377,079		2,574,767		6,757,955		2,574,054
Effect of potentially dilutive securities:
Convertible Notes		—		—		486,830		—
Weighted-average common shares outstanding, diluted		9,377,079		2,574,767		7,244,785		2,574,054
Net loss per share attributable to common stockholders:
Basic	$	(0.59)	$	(2.14)	$	(1.62)	$	(6.48)
Diluted	$	(0.59)	$	(2.14)	$	(2.50)	$	(6.48)

(1) As the Company recorded its Convertible Notes at fair value, when calculating the diluted net loss per share for the nine months ended September 30, 2025, the respective fair value remeasurement net gain of $7.8 million recognized in the condensed consolidated statement of operations and comprehensive loss during the nine months ended September 30, 2025 should be reversed and treated as an adjustment to the numerator. In addition, the $0.7 million of interest expense from the Convertible Notes recognized in the condensed consolidated statement of operations and comprehensive loss during the nine months ended September 30, 2025 should be added back as an adjustment to the numerator.

The Company’s potentially dilutive securities include its stock options to purchase common stock, Preferred Stock, and Convertible Notes. For the nine months ended September 30, 2025, the Company’s Convertible Notes has been included in the computation of diluted net loss per share as the effect for the period was determined to be dilutive while its stock options to purchase common stock and Preferred Stock were excluded from the diluted net loss per share computation as the effect was determined to be anti-dilutive. All of the Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share for the three months ended September 30, 2025 and the three and nine months ended September 30, 2024, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders for the three months ended September 30, 2025 and the three and nine months ended September 30, 2024 is the same.

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
Preferred Stock (as converted to common stock)	—	3,963,910	—	3,963,910
Stock options to purchase common stock	1,108,758	731,063	1,108,758	731,063