The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the three months ended March 31, 2026 and 2025 because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026		2025
Convertible preferred stock		39,313,815		39,313,815
Outstanding stock options		6,437,247		5,256,864
Unvested restricted stock awards		29,294		—
Stock subject to repurchase		347,859		8,076
Preferred stock warrants		31,251		31,251
Common stock warrants		112,847		84,162
Convertible Notes(1)		5,231,776		—
Total		51,504,089		44,694,168

(1) In applying the if-converted method, conversion of the Convertible Notes was not assumed for purposes of computing diluted earnings per share as the effect would be anti-dilutive. As the number of shares underlying the Convertible Notes is subject to contingencies such as the occurrence of an IPO, and the IPO price, the Convertible Notes are considered contingently issuable potential common shares. As no contingencies had been met as of March 31, 2026, the number of shares excluded from earnings per share due to the anti-dilutive effect was based on the conversion price calculation used upon maturity, as if the conversion occurred on March 31, 2026.