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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stockholders	$	(28,956)	$	(15,099)	$	(80,817)	$	(40,119)
Denominator:
Weighted-average common shares outstanding, basic and diluted (1)	78,945,521		27,274,721		65,009,956		22,554,427
Net loss per share attributable to common stockholders, basic and diluted	$	(0.37)	$	(0.55)	$	(1.24)	$	(1.78)

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(1) Weighted-average common shares outstanding for the three and nine months ended September 30, 2026 includes 6,003,758 of common stock issuable upon the exercise of pre-funded warrants issued in the Initial Closing on September 11, 2025 and 21,925,368 from the Second Closing on August 3, 2026.

The Company’s potentially dilutive securities, which include or have included convertible preferred stock, outstanding stock options, unvested restricted common stock, and warrants issued in 2017 (the "2017 Warrants") to purchase stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders as of September 30, 2026 and 2025 because their inclusion would have had an anti-dilutive effect:


	As of September 30,
		2026	2025
Shares issuable upon settlement of derivative tranche liability in Private Placement		—	32,681,866
Stock options outstanding		6,934,881	2,885,206

2017 Warrants outstanding		142	142
Total		6,935,023	35,567,214