Basic and diluted net loss per share of common stock were calculated as follows:


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(162,337	)	$	(84,969	)
Denominator:
Weighted-average number of shares of common stock outstanding including shares issuable under equity-classified pre-funded warrants, used in computing net loss per share of common stock, basic and diluted		38,617,580			33,313,849
Net loss per share attributable to common stockholders, basic and diluted	$	(4.20	)	$	(2.55	)

Pre-funded warrants have been included in the computation of basic and diluted net loss per share of common stock as the pre-funded warrants are issuable for nominal consideration pursuant to their terms. There were outstanding pre-funded warrants of 1,944,454 and 4,666,332 as of December 31, 2025 and 2024, respectively. The outstanding pre-funded warrants increased the weighted-average number of shares of common stock outstanding by 3,302,164 shares and 4,546,993 shares for the year ended December 31, 2025 and 2024, respectively.

The Company’s potential dilutive securities, which include stock options and warrants for the purchase of common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The following potential dilutive securities, presented on an as converted basis, were excluded from the calculation of net loss per share due to their anti-dilutive effect:


	Year Ended December 31,
	2025		2024
Stock options outstanding		5,991,343		4,499,702
Warrants for the purchase of common stock		4,677		4,677
Total		5,996,020		4,504,379