Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Computation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(4,576	)	$	(665	)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		230,209,142			200,000,000
Net loss per share, basic and diluted	$	(0.02	)	$	(0.01	)

Schedule of Potentially Dilutive Securities not included in the Diluted Per Share Calculations

Potentially dilutive securities that were not included in the diluted per share calculations were as follows:


	Three Months Ended March 31,
	2026		2025
Shares subject to outstanding common stock options		50,000,000		50,000,000
Shares subject to outstanding common stock warrants		7,432,122		—
Retainer shares		12,500,000		—
Total		69,932,122		50,000,000

Note 10. Subsequent events

On April 20, 2026, the Company and Semnur, Inc. delivered written notice to the investor under the PIPE SPA terminating such agreement pursuant to Section 8 thereof. As a result of such termination, the PIPE SPA is no longer in effect and the transactions contemplated thereby will not be consummated.

On April 20, 2026, the Company delivered written notice to Biconomy terminating the Semnur/Biconomy SPA pursuant to Section 8 thereof. Accordingly, the Semnur/Biconomy SPA was terminated effective April 20, 2026, and the transactions contemplated thereby will not be consummated.