Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Number of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per share

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net loss per share as of March 31, 2026 and 2025:


	As of March 31,
	2026		2025
Common stock options outstanding (1)		2,525,651		2,156,512
Convertible preferred stock (common stock equivalent) (2)		—		15,245,731
RSUs outstanding (3)		886,397
PSUs outstanding (4)		666,728		112,478
Series B Warrant (5)		—		58,420
Series C Warrant (5)		—		20,375
SVB Common Stock Warrant (6)		—		25,863
Total		4,078,776		17,619,379

(1)

800,234 stock options vested and exercisable as of March 31, 2026.

(2)

Convertible preferred stock was eligible to convert to common stock on a 1:1 basis upon the holder’s election or upon a Deemed Liquidation Event. Convertible preferred stock was converted into common stock on the IPO (see Note 7).

(3)

No RSUs are vested as of March 31, 2026.

(4)

No PSUs are vested as of March 31, 2026. PSUs are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions (see Note 6).

(5)

On March 4, 2026, the Series B and Series C Warrant were exercised (see Note 2).

(6)

On August 14, 2025, the SVB Common Stock Warrant was exercised (see Note 5).