Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands, except share and per share amounts):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Net loss	$	(16,007	)	$	(4,936	)	$	(186,243	)	$	(11,800	)
Net loss per share—basic and diluted	$	(2.84	)	$	(3.91	)	$	(53.50	)	$	(9.36	)
Weighted-average shares outstanding, basic and diluted		5,643,222			1,260,867			3,481,149			1,260,202

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	For the Six Months Ended June 30,
	2026		2025
Stock options to purchase common stock		3,448,741		295,349
Unvested restricted stock units		142		2,274
Warrants issued to employees and contractors to purchase common stock		229		229
Warrants issued related to convertible notes and other equity agreements		1,143		1,143
Series B redeemable convertible preferred stock		501,899