Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of the Computation of Basic and Diluted Net Loss Per Share of Common Stock

The following tables set forth the computation of basic and diluted net loss per share of common stock for the three and nine months ended September 30, 2026 and September 30, 2025 (in thousands, except share and per share amounts):


	Common stock
	Three Months Ended September 30,
	2026		2025


Net loss	$	(18,945)	$	(30,625)


Weighted average shares(2)	55,060,404		14,000,451
Basic and diluted net loss per share	$	(0.34)	$	(2.19)


	Common stock
	Nine Months Ended September 30,
	2026		2025


Net loss	$	(74,933)	$	(64,539)


Weighted average shares(2)	39,717,826		11,795,810
Basic and diluted net loss per share	$	(1.89)	$	(5.47)

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Weighted Shares Outstanding

The following outstanding securities have been excluded from the computation of diluted weighted shares outstanding for the three and nine months ended September 30, 2026 and 2025, as they could have been anti-dilutive:


	Three and Nine Months Ended
	September 30,
	2026	2025
Stock options	5,370,475	4,138,621
Warrants on common stock(2)	148	148
Series C Preferred Stock (as-convertible to common stock)(1)	3,359,379	19,363,974
Series C-1 Preferred Stock (as-convertible to common stock)(1)	4,294,675	—
Restricted Stock Units	183,869	421,397
Performance Stock Units	295,500	492,500

(1) Each share of the Company’s Series C and Series C-1 Preferred Stock is convertible into 1,000 shares of common stock, subject to certain beneficial ownership limitations.

(2) The weighted average number of common shares outstanding includes the weighted average outstanding pre-funded warrants for the three and nine months ended September 30, 2026 because their exercise price was nominal. There were no pre-funded warrants outstanding as of September 30, 2025.