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


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss attributable to common stockholders, basic and diluted	$	(10,856	)	$	(10,196	)
Denominator:
Weighted-average common shares outstanding		23,723,618			4,054,696
Less: Weighted-average common shares subject to repurchase		—			(1,556	)
Weighted-average shares outstanding, basic and diluted		23,723,618			4,053,140
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46	)	$	(2.52	)

As described in Note 12, the Pre-Funded Warrants to purchase up to an aggregate of 800,000 shares of the Company’s common stock at a purchase price of $9.9999 per Pre-Funded Warrant were classified as a component of equity in the Company's consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the Pre-Funded Warrants have been included in the weighted-average number of shares of common stock used to calculate basic and diluted net loss per common share for the three months ended March 31, 2026, because the shares may be issued for little or no consideration, are fully vested, and are exercisable after the original issuance date of the Pre-Funded Warrants.

The potential shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders as of March 31, 2026 and 2025 because including them would have had an anti-dilutive effect. The excluded shares were as follows:


	March 31,
	2026		2025
Outstanding options to purchase common stock		2,845,390		1,144,859
Unvested restricted stock awards		—		1,415
Total		2,845,390		1,146,274