Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Number of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per share

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).