NET LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2025

Basic and diluted loss per common share were calculated as follows:


	FOR THE YEAR ENDED DECEMBER 31,
(in thousands except share and per share amounts)	2025		2024
Net loss	$	(8,978)	$	(57,775)
Weighted-average number of common shares outstanding, basic and diluted	5,629,370		5,443,332
Net loss per common share, basic and diluted	$	(1.59)	$	(10.61)

Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. Pre-funded warrants to purchase 416,673 shares of common stock that were issued in connection with the November 2022 follow-on offering were included in the weighted-average number of common shares outstanding for the years ended December 31, 2025 and 2024, respectively. The weighted-average number of common shares outstanding diluted for the years ended December 31, 2025 and 2024 both exclude approximately 0.7 million stock options and nonvested restricted stock awards and units, which were not dilutive.