Net Loss Attributable to Common Stockholders per Share (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Antidilutive Securities Excluded from Computation of (Loss) Income per Share

For purposes of the diluted net loss attributable to common stockholders per share calculation, outstanding stock options, the conversion option derivative under the K2HV Loan Agreement, common stock to be issued under the 2021 ESPP, and warrants to purchase common stock are considered to be potentially dilutive securities, however the following weighted-average

amounts were excluded from the calculation of diluted net loss attributable to common stockholders per share because their effect would be anti-dilutive:


	December 31,
	2025	2024
Outstanding stock options	9,954,872	7,634,937

Warrants to purchase common stock	—	58,904
Common stock to be issued under the 2021 ESPP	85,368	67,445

Total	10,040,240	7,761,286

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computations of basic and diluted net loss per share as presented in our consolidated statements of operations:


	Year Ended December 31,
	2025		2024
	(in thousands, except share and per share amounts)
Numerator
Net loss	$	(60,822)	$	(70,515)
Less: change in fair value of derivative liability	(2,070)		(1,621)
Plus: interest expense on converted term loan	776		493
Adjusted net loss	$	(62,116)	$	(71,643)
Denominator
Weighted-average common stock outstanding, basic	46,018,888		43,332,088
Dilutive effect of common stock issuable from assumed conversion of convertible term loan	791,364		527,576
Weighted-average common stock outstanding, diluted	46,810,252		43,859,664
Net loss per share
Basic	$	(1.32)	$	(1.63)
Diluted	$	(1.33)	$	(1.63)