The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding, excluding restricted common stock. The weighted-average number of shares of common stock used in the basic and diluted net loss per share calculation include pre-funded warrants to purchase up to 29,765,799 shares of common stock, as the pre-funded warrants are exercisable at any time for nominal cash consideration. The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options to purchase common stock		23,190,315		20,020,180		23,190,315		20,020,180
Shares subject to Employee Stock Purchase Plan		13,721		58,184		13,721		58,184
Unvested restricted stock units		2,388,473		1,452,999		2,388,473		1,452,999
Common warrants		—		8,104,615		—		8,104,615
Total		25,592,509		29,635,978		25,592,509		29,635,978