| Net Loss Per Share |
13. Net loss per share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
2026 |
|
|
2025 |
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2026 |
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|
2025 |
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Numerator: |
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Net loss - basic and diluted |
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$ |
(116,236 |
) |
|
$ |
(57,445 |
) |
|
$ |
(172,307 |
) |
|
$ |
(75,464 |
) |
Denominator: |
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|
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Weighted-average number of shares of common
stock outstanding |
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|
26,914,705 |
|
|
|
16,119,196 |
|
|
|
21,751,721 |
|
|
|
16,111,246 |
|
Less: Weighted-average number of shares of
common stock subject to repurchase |
|
|
(990,398 |
) |
|
|
(1,756,313 |
) |
|
|
(1,044,927 |
) |
|
|
(1,754,208 |
) |
Less: Weighted-average number of shares of
unvested restricted common stock |
|
|
(728,095 |
) |
|
|
(1,982,495 |
) |
|
|
(810,645 |
) |
|
|
(2,313,060 |
) |
Weighted-average number of shares of common stock
outstanding - basic and diluted |
|
|
25,196,212 |
|
|
|
12,380,388 |
|
|
|
19,896,149 |
|
|
|
12,043,978 |
|
Net loss per share - basic and diluted |
|
$ |
(4.61 |
) |
|
$ |
(4.64 |
) |
|
$ |
(8.66 |
) |
|
$ |
(6.27 |
) |
The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an anti-dilutive effect due to the Company’s net loss, in common stock equivalent shares:
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As of June 30, |
|
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|
2026 |
|
|
2025 |
|
Redeemable convertible preferred stock |
|
|
— |
|
|
|
19,285,484 |
|
Shares subject to outstanding stock options |
|
|
25,501,973 |
|
|
|
11,160,711 |
|
Shares subject to outstanding common stock
warrants |
|
|
1,752,080 |
|
|
|
— |
|
Unvested exercised options subject to repurchase |
|
|
953,572 |
|
|
|
1,772,353 |
|
Unvested restricted stock awards |
|
|
663,675 |
|
|
|
1,659,170 |
|
Unvested restricted stock units |
|
|
2,185,797 |
|
|
|
— |
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Total |
|
|
31,057,097 |
|
|
|
33,877,718 |
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