The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock and pre-funded warrants outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per share of common stock after giving consideration to all potentially dilutive shares of common stock, including options to purchase common stock outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be anti-dilutive. Because the Company has reported net losses since inception, these potential shares of common stock have been anti-dilutive and basic and diluted loss per share were the same for all periods presented.

Basic and diluted net loss per share attributable to common stockholders was calculated for the three months ended March 31, 2026 and 2025 as follows (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Numerator
Net loss	$	(11,823)	$	(11,209)
Denominator:
Weighted average of common shares and pre-funded warrants outstanding, basic and diluted	18,211,745		12,950,574
Net loss per share, basic and diluted	$	(0.65)	$	(0.87)


	Three Months Ended March 31,
	2026	2025

Shares issuable upon exercise of stock options	3,123,218	2,265,453
Shares issuable upon the exercise of warrants (excluding pre-funded warrants)	3,555,319	3,642,099
Unvested shares under restricted stock grants	235,234	—
Total	6,913,771	5,907,552