Loss per share

3 Months Ended

Mar. 31, 2026

The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Net loss	$	(48,287)	$	(11,759)

Weighted average shares outstanding
Basic and diluted	89,740,061		24,948,434


Net loss per common share, basic and diluted	$	(0.54)	$	(0.47)

Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period.

Due to the Company’s net loss for the three months ended March 31, 2026 and 2025, there was no dilutive effect of common stock equivalents because the effects of such would have been anti-dilutive. The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):


	March 31,
	2026	2025
Shares upon exercise of warrants	7,843	9,069
Restricted stock units - Unvested	2,073	678
Restricted stock units - Vested & Deferred	96	35
Total	10,012	9,782