Net Loss Per Common Share

12 Months Ended

Dec. 31, 2025

Note 11—Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Since the Company had a net loss in both periods presented, basic and diluted net loss per common share are the same.

In accordance with ASC 260, Earnings Per Share, shares issuable for little to no cash consideration should be included in the number of outstanding shares used to calculate basic loss per share as long as all conditions necessary for exercise are met. The 2023 Pre-Funded Warrants, the June 2024 Pre-Funded Warrants and the May 2025 Pre-Funded Warrants are therefore included as outstanding shares as of December 31, 2025 to calculate the weighted average number of shares outstanding to calculate basic loss per share.

The following table represents the calculation of basic and diluted net loss per common share for the years ended December 31, 2025 and 2024, respectively (in thousands, except share and per share data):


	For the Year Ended December 31,
	2025			2024
Net loss	$	(108,995	)	$	(89,298	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		319,711,972			250,134,421
Net loss per common share, basic and diluted		(0.34	)		(0.36	)

The following common stock equivalents outstanding as of December 31, 2025 and 2024, respectively, were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti‑dilutive:


	December 31, 2025		December 31, 2024
Unvested RSUs		6,311,178		4,549,154
Stock options		26,019,480		17,795,606
SSI Warrants		—		316,667
Total		32,330,658		22,661,427