The following is a reconciliation of the basic and diluted loss per share computations:


	Three-Months Ended
	March 31, 2026			March 31, 2025
(in thousands, except share and per share amounts)
Net loss	$	(10,611	)	$	(13,859	)
Weighted-average common shares—outstanding, basic and diluted		30,540,872			26,253,565
Net loss per common share, basic and diluted	$	(0.35	)	$	(0.53	)


	Three-Months Ended
	March 31, 2026		March 31, 2025
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		5,025,427		4,518,622
Restricted stock units		731,496		101,988
ESPP		134,489		79,735
Warrants		409,661		554,841

The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of Common Stock outstanding for the relevant period. In accordance with ASC 710, shares of Common Stock held by the rabbi trust are excluded from the denominator in both the basic and the diluted net loss per common share calculations. As of March 31, 2026 and 2025, a total of 76,621 and 126,506 shares of Common Stock were excluded, respectively. For the purposes of the calculation of diluted net loss per share, options to purchase Common Stock, restricted stock units, and unvested shares of Common Stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Because the Company has reported a net loss for the three-months ended March 31, 2026 and 2025, diluted net loss per common share is the same as the basic net loss per share for those periods.