Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding, net of the weighted-average unvested restricted stock subject to repurchase by the Company, if any, during the period. Diluted loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of stock options, RSUs, PSUs, and stock warrants using the “treasury-stock method,” and convertible preferred stock, using the “if-converted method.”

Because the Company reported net losses for the periods presented, stock options, RSUs, PSUs, stock warrants, and convertible preferred stock are antidilutive for each of these periods, and therefore, basic and diluted net loss per common share are the same. Convertible preferred stock is considered a "participating security";

however it was excluded from the computation of basic loss per share in the prior year period as there is no contractual obligation for the holders to share in the losses of the Company.

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net loss per share as of June 30, 2026 and 2025:


	As of June 30,
	2026		2025
Common stock options outstanding (1)		2,495,249		2,211,144
Convertible preferred stock (common stock equivalent) (2)		—		15,245,731
RSUs outstanding (3)		1,062,683		112,478
PSUs outstanding (4)		666,728		—
Series B Warrant (5)		—		58,420
Series C Warrant (5)		—		20,375
SVB Common Stock Warrant (6)		—		25,863
Total		4,224,660		17,674,011

(1)

879,088 stock options vested and exercisable as of June 30, 2026.

(2)

Convertible preferred stock was eligible to convert to common stock on a 1:1 basis upon the holder’s election or upon a Deemed Liquidation Event. Convertible preferred stock was converted into common stock on the IPO (see Note 7).

(3)

No RSUs are vested as of June 30, 2026.

(4)

No PSUs are vested as of June 30, 2026. Revenue-Based PSUs and TSR-Based PSUs are presented at the maximum 200% of target. Actual shares issued for Revenue-Based PSUs and TSR-Based PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions (see Note 6). Tranche 2 Revenue-Based PSUs that have been legally awarded but contain performance measures that have not yet been established are not considered granted from an accounting perspective and therefore are excluded until such time that the performance measures are established.

(5)

On March 4, 2026, the Series B and Series C Warrant were exercised (see Note 2).

(6)

On August 14, 2025, the SVB Common Stock Warrant was exercised (see Note 5).

8. Net Loss Per Share