Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(30,359	)	$	(36,952	)	$	(59,025	)	$	(71,079	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		129,948,878			129,730,451			129,931,225			129,704,655
Net loss per share, basic and diluted	$	(0.23	)	$	(0.28	)	$	(0.45	)	$	(0.55	)

The 62,246,707 shares of the Company's common stock issuable upon exercise of the Pre-Funded Warrants described in Note 5 are included as outstanding common stock in the calculation of basic and diluted net loss per share.

The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of net loss per share as described above is identical to the calculation under the two-class method. The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	June 30,
	2026		2025
Options to purchase common stock		20,349,469		17,917,902
Potential shares issuable under the 2021 employee stock purchase plan		200,755		109,984
Total		20,550,224		18,027,886