Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31, 2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(27,344)	$	(1,317)	$	(126,541)
Denominator
Weighted-average shares outstanding	346,045		16,667		64,056,442


Net loss per share, basic and diluted	$	(79.02)	$	(79.02)	$	(1.98)

	Year Ended December 31, 2024
	Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(47,624)	$	(10,839)	$	(149,555)
Denominator
Weighted-average shares outstanding	374,387		85,208		46,940,206
Weighted-average pre-funded warrants outstanding	—		—		87,432
Number of shares used in per share computation	374,387		85,208		47,027,638
Net loss per share, basic and diluted	$	(127.21)	$	(127.21)	$	(3.18)

	Year Ended December 31, 2023
	Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(239,158)	$	(4,749)	$	(94,883)
Denominator
Weighted-average shares outstanding	434,612		8,630		6,201,954
Weighted-average pre-funded warrants outstanding	—		—		695,111
Number of shares used in per share computation	434,612		8,630		6,897,065
Net loss per share, basic and diluted	$	(550.28)	$	(550.29)	$	(13.76)

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:


	Year Ended December 31,
	2025	2024	2023
Options to purchase common stock	1,785,568	3,212,734	2,583,226
Unvested restricted stock units	27,806	68,027	4,240
Outstanding Parapyre Warrants	1,532,591	686,724	5,625.00