Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Computation of Basic and Diluted Net Loss Per Share

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)

Schedule of Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share

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