Net Loss Per Share

9 Months Ended

Sep. 30, 2025

11. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Numerator:
Net loss	$		(7,804	)	$		(5,618	)	$		(18,802	)	$		(9,442	)
Denominator
Basic and diluted
Weighted-average common shares outstanding, basic and diluted			14,053,042				10,752,713				13,847,445				10,323,344
Weighted-average pre-funded warrants outstanding, basic and diluted			306,506				306,506				306,506				281,896
Weighted-average placement agent warrants outstanding, basic and diluted			75,745				75,745				75,745				69,291
Weighted-average lender warrants outstanding, basic and diluted			641,163								504,945				—
Weighted-average number of shares used to calculate basic and diluted net loss per share			15,076,456				11,134,964				14,734,641				10,674,531

Net loss per share - basic and diluted	$		(0.52	)	$		(0.50	)	$		(1.28	)	$		(0.88	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	As of September 30,
	2025		2024
Stock options to purchase common stock		4,783,408		2,724,443
Restricted stock units		40,000		—
Warrants to purchase common stock		3,611,531		2,970,368
Total		8,434,939		5,694,811