Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss attributable to common stockholders	$	(18,331)	$	(12,433)
Denominator:
Weighted-average common shares outstanding, basic and diluted (1)	57,923,674		20,152,872
Net loss per share attributable to common stockholders, basic and diluted	$	(0.32)	$	(0.62)

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(1) Weighted-average common shares outstanding for the three months ended March 31, 2026 includes 6,003,758 of common shares issuable upon the exercise of pre-funded warrants issued in the Initial Closing.

The Company’s potentially dilutive securities, which include or have included convertible preferred stock, outstanding stock options, unvested restricted common stock, and warrants to purchase stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders as of March 31, 2026 and 2025 because their inclusion would have had an anti-dilutive effect:


	Three Months Ended March 31,
		2026	2025
Shares issuable upon settlement of derivative tranche liability in Private Placement		32,681,866	—
Stock options outstanding		4,391,321	2,215,308
Restricted stock vesting		—	4,277
Warrants outstanding		142	142
Total		37,073,329	2,219,727