The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share are the same as the inclusion of the potentially dilutive securities would be anti-dilutive.

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 7). 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):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(13,722	)	$	(20,781	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		47,767,313			67,462,450
Weighted-average common shares outstanding under the pre-funded warrant, basic and diluted		20,440,000			—
Weighted-average common shares outstanding, basic and diluted		68,207,313			67,462,450
Net loss per share, basic and diluted	$	(0.20	)	$	(0.31	)

The following table sets forth the outstanding potentially dilutive securities, presented as of period-end, that have been excluded in the calculation of diluted net loss per share for the periods presented because to do so would be anti-dilutive:


	March 31,
	2026		2025
Stock options to purchase common stock		8,481,645		5,561,947
Unvested restricted stock awards and units		207,775		908,543
Shares of common stock issuable under Employee Stock Purchase Plan		20,731		—
Total potentially dilutive shares		8,710,151		6,470,490