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Net Loss Per Share Attributable to Common Stockholders
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders

14. Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 was calculated as follows (in thousands, except share and per share data):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders, basic and diluted

 

$

(11,894

)

 

$

(38,084

)

 

$

(33,440

)

 

$

(47,141

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,702,418

 

 

 

1,354,672

 

 

 

13,873,499

 

 

 

1,359,859

 

Less: Weighted-average common shares subject to repurchase

 

 

(710

)

 

 

(2,407

)

 

 

(1,129

)

 

 

(29,604

)

Weighted-average shares outstanding, basic and diluted

 

 

18,701,708

 

 

 

1,352,265

 

 

 

13,872,369

 

 

 

1,330,255

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.64

)

 

$

(28.16

)

 

$

(2.41

)

 

$

(35.44

)

 

The potential shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders as of September 30, 2025 and 2024 because including them would have had an anti-dilutive effect. The excluded shares were as follows:

 

September 30,

 

 

2025

 

 

2024

 

Redeemable convertible preferred stock, as converted

 

 

—

 

 

 

8,699,309

 

Outstanding options to purchase common stock

 

 

2,084,597

 

 

 

1,148,050

 

Unvested restricted stock awards

 

 

566

 

 

 

2,264

 

2024 Note1

 

 

—

 

 

 

1,685,044

 

Total

 

 

2,085,163

 

 

 

11,534,667

 

 

1 As of September 30, 2024, the conversion of the 2024 Note into common stock or redeemable convertible preferred stock was dependent on the price of shares that may be issued in connection with the 2024 Note Qualified Financing. The number of shares herein is calculated based on the conversion of the 2024 Note’s outstanding principal and accrued and unpaid interest as of September 30, 2024 into the Company’s preferred stock at the price of $6.20 per share.