Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Net Loss per Share

Basic and diluted net loss per share of common stockholders is presented in conformity with the two-class method required for participating securities. Under the two-class method, net loss is allocated to each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

The Company considers its convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of the Company’s convertible preferred stock do not have a contractual obligation to share in the Company’s losses.

As discussed in Note 9, the Company issued redeemable common stock in connection to the WTI loan. The consolidated statements of operations and comprehensive income (loss) include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. Income and losses are shared pro rata between the two classes of shares. Net (loss) income per common share is calculated by dividing the net (loss) income by the weighted average shares of common stock outstanding for the respective period. For a period in which the Company reports a net loss, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025				2024
	Redeemable Common Stock		Common Stock		Redeemable Common Stock		Common Stock
Numerator:
Allocation of net loss attributable to common stockholders	$	(1,299)	$	(41,771)	$	(270)	$	(17,192)

Accretion on redeemable common stock	84		(84)		25		(25)

Allocated net loss attributable to common stockholders, basic and diluted	$	(1,215)	$	(41,855)	$	(245)	$	(17,217)
Denominator:
Weighted average common shares outstanding, basic	562,500		18,093,925		172,131		10,951,270
Net loss per share attributable to common stockholders, basic and diluted	$	(2.16)	$	(2.31)	$	(1.42)	$	(1.57)

The following table summarizes the common stock equivalents of potentially dilutive outstanding securities excluded from the computation of diluted net loss per share due to their anti-dilutive effect:


	December 31,
	2025	2024
Stock options	237,221	427,555
RSUs	2,193,755	1,451,643
RSAs	—	326,153
PSUs	375,000	56,391
ESPP shares committed	34,787	26,917
Common stock warrants	1,664,475	11,099,708
Preferred stock	2,872,668	2,872,668
Total	7,377,906	16,261,035

The Company’s 200,536 unvested earnout shares were excluded from the calculation of basic and diluted per share calculations as the vesting conditions have not yet been met as of December 31, 2025.