The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):


	Year ended March 31,
	2026		2025
Numerator:
Net loss	$	(313,940)	$	(247,297)
Denominator:
Weighted average common shares outstanding, basic and diluted	92,803,711		80,564,147
Net loss per share, basic and diluted	$	(3.38)	$	(3.07)

The 14,058,153 shares of the Company's common stock issuable upon exercise of Pre-Funded Warrants described in Note 9 to these consolidated financial statements are included as outstanding common stock in the calculation of basic and diluted net loss per share.

The Company’s potentially dilutive securities, which include stock options, unvested restricted and performance stock units and warrants to purchase shares of common stock that resulted from the conversion of warrants to purchase shares of seed preferred stock existing before the Company's IPO, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Year ended March 31,
	2026	2025
Options to purchase common stock	11,785,458	10,214,878
Unvested restricted and performance stock units	5,508,882	3,611,774
Warrants to purchase common stock	—	497,344
	17,294,340	14,323,996