Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):


	Three Months Ended June 30,
	2026						2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(5,052)	$	(225)	$	(30,923)	$	(6,791)	$	(327)	$	(29,599)
Denominator
Weighted-average shares outstanding	346,045		15,385		84,729,435		346,045		16,667		60,333,838


Net loss per share, basic and diluted	$	(14.60)	$	(14.60)	$	(0.36)	$	(19.62)	$	(19.62)	$	(0.49)

	Six Months Ended June 30,
	2026						2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(15,147)	$	(701)	$	(89,357)	$	(15,078)	$	(726)	$	(65,686)
Denominator
Weighted-average shares outstanding	346,045		16,022		81,656,119		346,045		16,667		60,300,073


Net loss per share, basic and diluted	$	(43.77)	$	(43.77)	$	(1.09)	$	(43.57)	$	(43.57)	$	(1.09)

Schedule of Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share

The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Options to purchase common stock	8,042,158	805,306	6,630,827	1,324,645
Unvested restricted stock units	137,358	—	113,115	11,943
Outstanding Parapyre warrants	1,532,591	—	1,532,591	—