NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

The following table presents the calculation of the Company’s basic and diluted net loss per share:


	Three Months Ended
(in thousands, except share and per share data)		March 31, 2026		March 31, 2025
Numerator
Net loss		$	(93,187)	$	(106,213)
Denominator
Weighted average shares of common stock—basic and diluted		40,640,879		34,308,435
Net loss per share
Basic and Diluted		$	(2.29)	$	(3.10)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented as they had an anti-dilutive effect:


	Three Months Ended
	March 31, 2026	March 31, 2025
Unvested restricted stock units	5,651,113	6,053,715
Unvested performance options	104,315	104,315
Shares issuable under ESPP	73,947	—
Unvested performance stock units	21,001	—
Total	5,850,376	6,158,030