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Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Net loss	$	(62,600	)		$	(15,077	)		$	(88,008	)		$	(28,202	)
Net loss per share, basic and diluted	$	(1.78	)		$	(6.40	)		$	(4.60	)		$	(12.05	)
Weighted-average shares outstanding, basic and diluted		35,236,214				2,356,777				19,118,049				2,340,431

Schedule of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect is antidilutive:


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Stock options to purchase common stock (1)		12,233,799				8,566,646				12,233,799				8,566,646
Unvested restricted stock awards		-				221,111				-				221,111
Series A-1 Preferred Stock (as converted to common stock)		-				12,736,014				-				12,736,014
Series A-2 Preferred Stock (as converted to common stock)		-				8,387,331				-				8,387,331
Series B Preferred Stock (as converted to common stock)		-				15,149,130				-				15,149,130
Total		12,233,799				45,060,232				12,233,799				45,060,232

(1)

The table above excludes the performance-based options that have not been deemed granted from an accounting perspective. See Note 11—Stock-Based Compensation, for more information.