Net Loss Per Share

12 Months Ended

Dec. 31, 2025

13. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. The Company has included the pre-funded warrants to purchase 3,571,435 shares of common stock issued at an exercise price of $0.00001 in connection with the 2025 Follow-On Offering in its computation of basic net loss per share. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company.

The Company has calculated basic and diluted net loss per share for the years ended December 31, 2025 and 2024 as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(106,191	)	$	(86,919	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		60,337,608			49,650,480
Net loss per common share—basic and diluted	$	(1.76	)	$	(1.75	)

The following potentially dilutive securities were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been antidilutive:


	Year Ended December 31,
	2025		2024
Stock options to purchase common stock		6,467,582		5,522,353
Restricted stock units that vest into common stock		2,690,777		1,589,042
Warrants to purchase common stock		7,398,185		12,686
Total potential dilutive shares		16,556,544		7,124,081