The Company computes net loss per share of common stock, Series A Preferred Stock and Series B Preferred Stock using the two-class method required for multiple classes of common stock and other participating securities. The two-class method is an earnings (loss) allocation method that requires income (loss) available to common stockholders be allocated to all such classes of common stock and other participating securities in accordance with the contractual terms of each class of stock. The Company has determined that the Series A Preferred Stock and Series B Preferred Stock represent other classes of common stock for purposes of calculating net loss per share.

Basic and diluted net loss per common share is computed by dividing the net loss by the weighted-average number of shares and pre-funded warrants outstanding during the period, without consideration of potential dilutive securities. The outstanding pre-funded warrants are included in the computation of basic net loss per common share as the exercise price is negligible and they are fully vested and exercisable. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.

The following tables set forth the computation of basic and diluted net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):


	Three Months Ended June 30,
	2026			2025
	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Series A Preferred Stock	Series B Preferred Stock	Common Stock
Numerator:
Allocated net loss	$(5,124)	$(2,349)	$(88,932)	$(8,999)	$(3,653)	$(60,877)
Denominator:
Weighted average shares outstanding, basic and diluted	39,414	4,516	171,005,468	67,686	6,868	114,466,080
Net loss per share, basic and diluted	$(130.00)	$(520.15)	$(0.52)	$(132.95)	$(531.89)	$(0.53)


	Six Months Ended June 30,
	2026			2025
	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Series A Preferred Stock	Series B Preferred Stock	Common Stock
Numerator:
Allocated net loss	$(14,005)	$(4,743)	$(175,009)	$(17,834)	$(7,227)	$(120,454)
Denominator:
Weighted average shares outstanding, basic and diluted	53,337	4,516	166,624,462	67,788	6,868	114,463,810
Net loss per share, basic and diluted	$(262.58)	$(1,050.27)	$(1.05)	$(263.08)	$(1,052.27)	$(1.05)

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 above because including them would have had an anti-dilutive effect:


	June 30,
	2026		2025
Stock options to purchase common stock		27,111,643		27,107,864
Shares issuable upon conversion of convertible notes		5,116,787		—
Performance-based restricted stock units subject to vesting		3,650,000		3,054,000
Restricted stock units subject to vesting		1,282,213		80,000
		37,160,643		30,241,864