| Net Loss Per Share |
The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the periods presented:
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|
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|
|
|
|
|
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|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Numerator: |
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|
|
|
|
|
|
|
Net loss |
$ |
(53,059 |
) |
|
$ |
(35,462 |
) |
|
$ |
(144,109 |
) |
|
$ |
(115,132 |
) |
Net loss attributable to common stockholders |
$ |
(53,059 |
) |
|
$ |
(35,462 |
) |
|
$ |
(144,109 |
) |
|
$ |
(115,132 |
) |
Denominator: |
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|
|
|
|
Weighted-average number of common shares used in computing net loss, basic and diluted per share—basic and diluted (1) |
|
48,018,265 |
|
|
|
4,557,695 |
|
|
|
28,138,852 |
|
|
|
2,322,965 |
|
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(1.10 |
) |
|
$ |
(7.78 |
) |
|
$ |
(5.12 |
) |
|
$ |
(49.56 |
) |
(1) The weighted-average number of common shares used in computing net loss basic and diluted per share for the three and nine months ended September 30, 2025 includes 4,010,007 shares of common stock underlying Common Warrants issued as part of the Series D preferred stock financing during 2025. The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect is antidilutive:
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Stock options to purchase common stock |
|
8,161,164 |
|
|
|
5,225,231 |
|
|
|
8,161,164 |
|
|
|
5,225,231 |
|
Unvested restricted stock awards |
|
126,825 |
|
|
|
— |
|
|
|
126,825 |
|
|
|
— |
|
Series A convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
3,091,478 |
|
|
|
— |
|
|
|
3,091,478 |
|
Series A-1 convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
804,893 |
|
|
|
— |
|
|
|
804,893 |
|
Series A-2 convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
836,190 |
|
|
|
— |
|
|
|
836,190 |
|
Series B convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
2,865,387 |
|
|
|
— |
|
|
|
2,865,387 |
|
Series C convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
2,412,468 |
|
|
|
— |
|
|
|
2,412,468 |
|
Series C-1 convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
150,211 |
|
|
|
— |
|
|
|
150,211 |
|
Series D convertible preferred stock (as converted to common stock) |
|
— |
|
|
|
14,403,312 |
|
|
|
— |
|
|
|
14,403,312 |
|
Series A-2 warrants (as converted to common stock) |
|
— |
|
|
|
1,742 |
|
|
|
— |
|
|
|
1,742 |
|
Common stock warrants (as converted to common stock) |
|
1,742 |
|
|
|
— |
|
|
|
1,742 |
|
|
|
— |
|
Total |
|
8,289,731 |
|
|
|
29,790,912 |
|
|
|
8,289,731 |
|
|
|
29,790,912 |
|
|