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


	Year ended December 31,
	2025			2024
Basic (loss) income per share:
Numerator:
Net (loss) income	$	(131,120	)	$	52,231
Deemed dividend for anti-dilution adjustments to Series B and Series C redeemable convertible preferred stock upon issuance of Series D Preferred Stock		—			(14,972	)
Allocation of undistributed earnings to participating securities		—			(33,854	)
Net (loss) income attributable to common stockholders, basic	$	(131,120	)	$	3,405
Denominator:
Weighted-average shares of common stock outstanding		42,986,396			2,421,566
Less: weighted-average shares of common stock subject to repurchase		(10,372	)		(25,472	)
Weighted-average shares of common stock outstanding used in the calculation of (loss) income per share attributable to common stockholders, basic		42,976,024			2,396,094
Net (loss) income per share attributable to common stockholders, basic	$	(3.05	)	$	1.42
Diluted (loss) income per share:
Numerator:
Net (loss) income attributable to common stockholders, basic and diluted	$	(131,120	)	$	3,405
Denominator:
Weighted-average shares of common stock outstanding, basic		42,976,024			2,396,094
Weighted-average dilutive effect of equity awards		—			334,205
Weighted-average shares of common stock outstanding, diluted		42,976,024			2,730,299
Net (loss) income per share attributable to common stockholders, diluted	$	(3.05	)	$	1.25

The potential shares of common stock that were excluded from the computation of diluted net (loss) income per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:


	Year ended December 31,
	2025		2024
Shares subject to outstanding stock options		5,484,226		1,521,486
Shares subject to outstanding restricted stock units		593,525		—
Unvested restricted stock subject to repurchase		10,372		10,372
Total		6,088,123		1,531,858

The potential shares of common stock associated with the Convertible Promissory Notes that converted to Series D-1 Preferred Stock would have been antidilutive, but are not included in the table above as the Convertible Promissory Notes were no longer outstanding as of December 31, 2024.