Net Loss per Share

6 Months Ended

Jun. 30, 2026

Net Loss per Share

Net Loss per Share

5. Net Income (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 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. The Company’s Common Stock options, warrants, and unvested restricted stock units were not included in dilutive EPS for the periods presented as their impact would be antidilutive.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to common stockholders, basic	$	74,141	$	(16,295)	$	(41,205)	$	(22,826)
Change in fair value of the Convertible Loan		(91,018)		—		—		—
Net loss attributable to common stockholders, diluted	$	(16,877)	$	(16,295)	$	(41,205)	$	(22,826)
Denominator:
Weighted average shares outstanding, basic		36,747,840		36,193,479		36,639,663		36,189,165
Shares issuable upon the conversion of the Convertible Loan		25,293,860		—		—		—
Weighted average common shares outstanding, diluted		62,041,700		36,193,479		36,639,663		36,189,165
Net income (loss) per share, basic	$	2.02	$	(0.45)	$	(1.12)	$	(0.63)
Net loss per share, diluted	$	(0.27)	$	(0.45)	$	(1.12)	$	(0.63)

The following outstanding securities have been excluded from the computation of diluted weighted-average shares outstanding for the applicable periods presented, as they would have been anti-dilutive:

	Three Months Ended		Six Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026		June 30, 2025
Outstanding stock options	6,273,471	5,094,273	6,273,471		5,094,273
Unvested restricted stock units	135,000	202,500	135,000		202,500
Shares issuable upon the conversion of the Convertible Loan	—	23,692,982	25,293,860	(1)	23,692,982
Outstanding warrants	10,655,047	10,655,047	10,655,047		10,655,047
	17,063,518	39,644,802	42,357,378		39,644,802

(1) The Company determined the number of shares issuable upon the conversion of the Convertible Loan as of June 30, 2026, based on the Convertible Loan principal amount of $30.0 million, accrued and unpaid interest of $8.4 million, calculated at an annual interest rate of 8%, converted at $1.52 per share.