Net Loss Per Share (Tables)

9 Months Ended

Sep. 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 September 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	$	(13,012)	$	—	$	(83,109)	$	(2,066)	$	(100)	$	(9,017)
Denominator
Weighted-average shares outstanding	346,045		—		88,410,821		346,045		16,667		60,414,223


Net loss per share, basic and diluted	$	(37.60)	—		$	(0.94)	$	(5.97)	$	(5.97)	$	(0.15)

	Nine Months Ended September 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	$	(28,285)	$	(868)	$	(172,173)	$	(17,138)	$	(825)	$	(74,710)
Denominator
Weighted-average shares outstanding	346,045		10,623		84,255,008		346,045		16,667		60,338,541


Net loss per share, basic and diluted	$	(81.74)	$	(81.74)	$	(2.04)	$	(49.53)	$	(49.53)	$	(1.24)

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 September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Options to purchase common stock	8,760,161	1,170,956	7,795,560	1,267,158
Unvested restricted stock units	149,950	18,068	129,671	13,978
Outstanding Parapyre warrants	1,316,029	—	1,459,610	—