The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding for the period. The Company issued pre-funded warrants in December 2025 and April 2026. The shares of common stock underlying the pre-funded warrants are included in the calculation of basic and diluted net loss per share because they are considered shares issuable for little or no consideration under ASC 260, Earnings Per Share. Refer to Note 7, Related Party Transactions, for additional details on the December 2025 and April 2026 pre-funded warrants issuance. The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(13,498	)	$	(8,666	)	$	(27,220	)	$	(29,447	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		54,256,071			67,585,121			51,029,617			67,524,124
Weighted-average common shares outstanding under the pre-funded warrant, basic and diluted		21,898,000			—			21,173,028			—
Weighted-average common shares outstanding, basic and diluted		76,154,071			67,585,121			72,202,645			67,524,124
Net loss per share, basic and diluted	$	(0.18	)	$	(0.13	)	$	(0.38	)	$	(0.44	)

The following table sets forth the outstanding potentially dilutive securities, presented as of period-end, that have been excluded in the calculation of diluted net loss per share for the periods presented because to do so would be anti-dilutive:


	June 30,
	2026		2025
Stock options to purchase common stock		8,471,265		5,663,022
Unvested restricted stock awards and units		137,500		627,710
Shares of common stock issuable under Employee Stock Purchase Plan		1,316		—
Total potentially dilutive shares		8,610,081		6,290,732