Net Loss per Share

12 Months Ended

Dec. 31, 2025

Net Loss per Share

Net Loss per Share

5. Net Loss per Share

The computation of basic EPS is based on the weighted-average number of the Company’s Common Stock outstanding. The computation of diluted EPS is based on the weighted-average number of the Company’s Common Stock outstanding and potential dilutive Common Stock. Diluted EPS is computed using the more dilutive of the treasury stock method, which reflects the potential dilution that would occur if securities or other contracts to issue Common Stock were exercised or converted to the Company’s Common Stock. Common Stock options, warrants and unvested restricted stock units were not included in dilutive EPS as their impact would be antidilutive.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the years ended December 31, 2025 and 2024 (in thousands, except share and per share data):

	Year Ended December 31,
	2025		2024
Numerator:
Net loss attributable to common stockholders, basic	$	(173,799)	$	(18,916)
Gain from change in fair value of the Convertible Loan		—		(31,399)
Gain on debt and the Convertible Loan extinguishments		—		(2,166)
Net loss attributable to common stockholders, diluted	$	(173,799)	$	(52,481)
Denominator:
Weighted average shares outstanding, basic		36,239,253		36,160,848
Shares issuable upon the conversion of the Convertible Loan		—		22,899,123
Weighted average common shares outstanding, diluted		36,239,253		59,059,971
Net loss per share, basic	$	(4.80)	$	(0.52)
Net loss per share, diluted	$	(4.80)	$	(0.89)

The following outstanding securities as of December 31, 2025 and 2024 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive:

	December 31, 2025	December 31, 2024
Outstanding stock options	4,803,921	3,755,965
Unvested restricted stock units	152,500	220,000
Shares issuable upon the conversion of the Convertible Loan (1)	24,500,000	—
Outstanding warrants	10,655,047	19,365,847
	40,111,468	23,341,812

(1) The Company determined the number of shares issuable upon the conversion of the Convertible Loan as of December 31, 2025, based on the Convertible Loan principal amount of $30.0 million, accrued and unpaid interest of $7.2 million, calculated at an annual interest rate of 8%, converted at $1.52 per share.