Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Net Income (Loss) Per Share [Abstract]

Net Income (Loss) Per Share

13. Net Income (Loss) Per Share

The Company computes net income (loss) per share using the two-class method. The two-class method uses an earnings allocation formula that determines net income (loss) per share for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings.

Diluted net income (loss) per share includes the potential dilutive effect of common stock equivalents as if such securities were converted or exercised during the period, when the effect is dilutive. Common stock equivalents include: (i) outstanding stock options and restricted stock units; (ii) common stock to be issued upon the assumed exercise of the Company’s common stock warrants; (iii) convertible preferred stock; and (iv) prior to issuance, the issuable warrants related to the Company’s March 2023 private placement financing.

The following table sets forth the computation of basic and diluted net loss per share of common and preferred stock (in thousands, except share and per share data):

	Three Months Ended March 31,
	2025			2026
Basic net (loss) income per share
Numerator:
Net income (loss)	$	570		$	(12,824	)
Less: Dividend to Series B preferred stockholders		-			-
Net income attributable to participating securities		(60	)		-
Net income (loss) attributable to common stockholders, basic		510			(12,824	)
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, basic		11,681,881			23,908,153
Net income (loss)  per share attributable to common stockholders, basic	$	0.04		$	(0.54	)

	Three Months Ended March 31,
	2025			2026
Diluted net loss  per share
Numerator:
Net income (loss)	$	570		$	(12,824	)
Net income attributable to participating securities		(60	)		-
Change in fair value of preferred stock warrant liability		(6,724	)		-
Net loss attributable to common stockholders, diluted		(6,214	)		(12,824	)
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted		12,383,477			23,908,153
Net loss per share attributable to common stockholders, diluted	$	(0.50	)	$	(0.54	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

	Three Months Ended March 31,		Three Months Ended March 31
	2025		2026
Options to purchase common stock		1,364,579		2,033,114
Warrants to purchase common stock		478,419		478,419
Restricted stock units		2,177		3,677
Common stock issuable upon conversion of Series B-2 convertible preferred stock		300,000		-
Common stock issuable upon conversion of Series A-2 Prime convertible preferred stock		1,115,145		462,245
Warrants to purchase convertible preferred stock		6,960,353		15,818,817
Total		10,220,673		18,796,272