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 a pre-funded warrant in December 2025 (see Note 6). The shares of common stock underlying the pre-funded warrant 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. The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(59,851	)	$	(73,897	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		66,692,145			48,163,301
Weighted-average common shares outstanding under the pre-funded warrant, basic and diluted		1,120,000			—
Weighted-average common shares outstanding, basic and diluted		67,812,145			48,163,301
Net loss per share, basic and diluted	$	(0.88	)	$	(1.53	)

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


	December 31,
	2025		2024
Stock options to purchase common stock		6,427,777		2,817,751
Unvested restricted stock units		207,897		1,228,876
Shares of common stock issuable under the ESPP		23,944		—
Total potentially dilutive shares		6,659,618		4,046,627