All share and per share data in the table and discussion below have been retroactively adjusted for all periods presented to reflect the 1-for-10 reverse stock split which became effective on August 29, 2025. The following table presents a reconciliation of the numerator and denominator of basic and diluted loss per share for the three months ended March 31, 2026 and 2025, respectively:


	Three Months Ended March 31,
(Dollars in thousands, except per share amounts)		2026		2025
Numerator for basic and diluted loss per share:
Net loss		$	(43,277)	$	(39,351)
Denominator:
Weighted average common shares outstanding for basic calculation		26,089,860		25,837,005

Weighted average common shares outstanding for diluted calculation		26,089,860		25,837,005
Basic loss per share		$	(1.66)	$	(1.52)
Diluted loss per share		$	(1.66)	$	(1.52)

Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding. Diluted loss per share is calculated by dividing net loss by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted loss per share calculation for the three months ended March 31, 2026 and 2025 excludes the dilutive effect of approximately 46,243 shares and 31,107 shares, primarily related to restricted stock units (“RSUs”), as their inclusion would have been anti-dilutive due to the Company’s net loss.

Additionally, the weighted average common shares outstanding for the diluted loss per share calculation excludes consideration of 296,379 and 465,028 equivalent shares for the three months ended March 31, 2026 and 2025, respectively, as their effect would have been anti-dilutive.