Net (Loss) Income per Share

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

14. Net (Loss) Income per Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. During the three months ended June 30, 2026, all outstanding

pre-funded

warrants were exercised for shares of common stock, as described in Note 8. The shares of common stock issued upon exercise are included in the weighted average number of common shares

outstanding from their respective dates of issuance. For the three and six months ended June 30, 2025, the weighted average number of common shares outstanding included shares of common stock issuable upon the exercise of

pre-funded

warrants that were exercisable for little or no consideration.

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options		11,633,080		12,082,312		11,633,080		12,082,312
Restricted stock units		17,523		70,669		17,523		70,669

Total		11,650,603		12,152,981		11,650,603		12,152,981

15. Net Loss per Share

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2025		2024
Stock options		11,645,843		9,354,699
Restricted stock units		69,486		43,072

Total		11,715,329		9,397,771