The computation of basic net loss per share is based on the weighted-average number of the Company's common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes the outstanding Pre-Funded Warrants as they are exercisable for nominal cash consideration.

The computation of diluted net loss per share is based on the weighted-average number of the Company's common shares outstanding and potential dilutive common shares outstanding during the period as determined by using the treasury stock method.

The following table illustrates the determination of basic and diluted net loss per share for each period presented (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(42,763)	$	(43,103)	$	(82,480)	$	(60,452)
Denominator:
Weighted‑average common shares outstanding, basic and diluted	42,221,665		41,338,752		42,030,035		41,206,974

Net loss per share, basic and diluted	$	(1.01)	$	(1.04)	$	(1.96)	$	(1.47)

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 attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Unvested restricted stock units	2,879,685	2,484,038	2,879,685	2,484,038
Unvested performance stock units	215,000	438,500	215,000	438,500
Stock options to purchase common stock	6,768,248	6,008,644	6,768,248	6,008,644
	9,862,933	8,931,182	9,862,933	8,931,182