Net Loss Per Share

9 Months Ended

Sep. 30, 2025

The Company computes net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock using the two-class method required for multiple classes of common stock and other participating securities.

The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock. The Company has determined that the Series A Preferred Stock and Series B Preferred Stock do not have preferential rights when compared to the Company's common stock and therefore it must allocate losses to these other classes of common stock, as illustrated in the table below.

Basic and diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares and pre-funded warrants outstanding during the period, without consideration of potential dilutive securities. The pre-funded warrants are included in the computation of basic net loss per share as the exercise price is negligible and they are fully vested and exercisable. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.

The following table sets forth the computation of basic and diluted net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):


	Three Months Ended September 30,
	2025						2024
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(2,066)	$	(100)	$	(9,017)	$	(14,610)	$	(704)	$	(53,714)
Denominator
Weighted-average shares outstanding	346,045		16,667		60,414,223		346,045		16,667		50,889,443

Number of shares used in per share computation	346,045		16,667		60,414,223		346,045		16,667		50,889,443
Net loss per share, basic and diluted	$	(5.97)	$	(5.97)	$	(0.15)	$	(42.22)	$	(42.24)	$	(1.06)

	Nine Months Ended September 30,
	2025						2024
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(17,138)	$	(825)	$	(74,710)	$	(36,733)	$	(9,105)	$	(105,884)
Denominator
Weighted-average shares outstanding	346,045		16,667		60,338,541		383,903		95,158		44,146,958
Weighted-average pre-funded warrants outstanding	—		—		—		—		—		116,788
Number of shares used in per share computation	346,045		16,667		60,338,541		383,903		95,158		44,263,746
Net loss per share, basic and diluted	$	(49.53)	$	(49.53)	$	(1.24)	$	(95.68)	$	(95.68)	$	(2.39)

The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Options to purchase common stock	1,170,956	4,733,609	1,267,158	4,583,260
Unvested restricted stock units	18,068	65,925	13,978	69,503
Outstanding Parapyre warrants	—	684,407	—	684,407