Net Loss per Share

3 Months Ended

Mar. 31, 2026

9. Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share of common stock for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Net loss	$	(19,054	)	$	(5,306	)
Weighted average shares outstanding used in calculating net loss per share, basic and diluted (1)		28,241,701			358,777
Net loss per share, basic and diluted	$	(0.67	)	$	(14.79	)

(1)

Included within weighted average shares of common stock outstanding for the three months ended March 31, 2026 and 2025 are 44,903 and 113,894 shares of common stock issuable upon the exercise of nominal exercise price warrants, respectively. Additionally, included within weighted average common shares outstanding for the three months ended March 31, 2026 are 850,264 shares of common stock issuable upon the exercise of pre-funded warrants issued in connection with the Company’s February 2026 private placement at an exercise price of $0.0001 per share. The pre-funded warrants are exercisable at any time for nominal consideration and are therefore included in basic and diluted weighted average shares outstanding from the date of issuance. Per ASC 260, Earnings Per Share, the warrants are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.

The Company’s potentially dilutive securities, which consist primarily of stock options and convertible preferred stock, have been excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive

impact. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The following potentially dilutive shares, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share (in thousands):


	March 31, 2026		March 31, 2025
Redeemable convertible preferred stock		—		2,800
Restricted stock – unvested (1)		—		7
Common stock warrants		3		4
Stock options		3,034		493
Total potentially dilutive shares		3,037		3,304

(1) As of March 31, 2026, there were 92 unvested restricted stock awards.