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Net Loss Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share

9. Net Loss Per Share

The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding for the period. The Company issued pre-funded warrants in December 2025 and April 2026. The shares of common stock underlying the pre-funded warrants are included in the calculation of basic and diluted net loss per share because they are considered shares issuable for little or no consideration under ASC 260, Earnings Per Share. Refer to Note 7, Related Party Transactions, for additional details on the December 2025 and April 2026 pre-funded warrants issuance. The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

   Net loss

 

$

(13,498

)

 

$

(8,666

)

 

$

(27,220

)

 

$

(29,447

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

         Weighted-average common shares outstanding, basic
            and diluted

 

 

54,256,071

 

 

 

67,585,121

 

 

 

51,029,617

 

 

 

67,524,124

 

         Weighted-average common shares outstanding under the
            pre-funded warrant, basic and diluted

 

 

21,898,000

 

 

 

—

 

 

 

21,173,028

 

 

 

—

 

    Weighted-average common shares outstanding, basic
       and diluted

 

 

76,154,071

 

 

 

67,585,121

 

 

 

72,202,645

 

 

 

67,524,124

 

Net loss per share, basic and diluted

 

$

(0.18

)

 

$

(0.13

)

 

$

(0.38

)

 

$

(0.44

)

The following table sets forth the outstanding potentially dilutive securities, presented as of period-end, that have been excluded in the calculation of diluted net loss per share for the periods presented because to do so would be anti-dilutive:

 

 

June 30,

 

 

 

2026

 

 

2025

 

Stock options to purchase common stock

 

 

8,471,265

 

 

 

5,663,022

 

Unvested restricted stock awards and units

 

 

137,500

 

 

 

627,710

 

Shares of common stock issuable under Employee
    Stock Purchase Plan

 

 

1,316

 

 

 

—

 

Total potentially dilutive shares

 

 

8,610,081

 

 

 

6,290,732