Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Net Loss Per Share

Net Loss Per Share

11.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 March 31,
	2026		2025
Numerator:
Net loss for basic and diluted net loss per share attributable to common stockholders	$	(6,804)	$	(9,579)
Denominator:
Weighted-average common shares outstanding, basic and diluted		9,381,344		2,575,462
Net loss per share attributable to common stockholders, basic and diluted	$	(0.73)	$	(3.72)

For the three months ended March 31, 2026, the Company’s potentially dilutive securities include its stock options to purchase common stock. For the three months ended March 31, 2025, the Company’s potentially dilutive securities include its stock options to purchase common stock, Preferred Stock, and Convertible Notes. All of the Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share for each of the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and 2025 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 March 31,
	2026	2025
Preferred Stock (as converted to common stock)	—	3,963,910
Stock options to purchase common stock	1,506,996	726,272

During the three months ended March 31, 2025, the Company’s Convertible Notes were also considered potentially dilutive securities, with the amount of shares issued upon conversion to be determined based on the manner in which they could be settled. Following the close of the Merger in April 2025, the Company’s Convertible Notes converted into

1,265,757 shares of the Company’s common stock. In addition, upon closing of the Merger, all of the Company’s Preferred Stock converted into shares of the Company’s common stock.