Under the two-class method, basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. The net loss available to common stockholders was not allocated to the Preferred Stock as the holders did not have a contractual obligation to share in losses. Diluted net loss per share is the same as basic net loss per share for the three months ended March 31, 2026 and 2025, presented since the effects of any potentially dilutive securities, would be antidilutive given the net loss of the Company.

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2026			2025
Net loss	$	(25,408	)	$	(13,125	)
Net loss per share, basic and diluted	$	(10.34	)	$	(5.65	)
Weighted-average shares outstanding, basic and diluted		2,456,766			2,323,724

For accounting purposes, the computation of basic and diluted weighted-average common shares outstanding for the three months ended March 31, 2026 and 2025, excludes all shares of unvested restricted common stock as such shares are not considered outstanding. See Note 11—Stock-Based Compensation, for more information.

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect is antidilutive:


	Three Months Ended March 31,
	2026		2025
Stock options to purchase common stock (1)		9,319,500		8,304,263
Unvested restricted stock awards		121,612		254,278
Series A-1 Preferred Stock (as converted to common stock)		12,736,014		12,736,014
Series A-2 Preferred Stock (as converted to common stock)		8,387,331		8,387,331
Series B Preferred Stock (as converted to common stock)		15,149,130		15,149,130
Total		36,272,475		36,272,475

(1)

The table above excludes the performance-based options that have not been deemed granted from an accounting perspective. See Note 11—Stock-Based Compensation, for more information.