
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except for share and per share amounts)	2026		2025		2026		2025
Net loss	$	(20,999)	$	(20,103)	$	(71,733)	$	(48,148)
Less: Cumulative dividends on Series B preferred stock	—		2,467		988		7,018
Less: Cumulative dividends on Series C preferred stock	—		—		1,791		—
Net loss attributable to common stock	(20,999)		(22,570)		(74,512)		(55,166)
Weighted-average number of shares of common stock outstanding, basic and diluted	42,115,003		748,485		35,156,232		743,401
Net loss per common share, basic and diluted	$	(0.50)	$	(30.15)	$	(2.12)	$	(74.21)

Basic net loss per common share is calculated by dividing the net loss, adjusted for the unpaid cumulative Series B and Series C preferred stock dividends, by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. Common share equivalents include shares issuable upon the exercise of stock options and the conversion of preferred stock. During the three and nine months ended September 30, 2026 and 2025, convertible preferred stock on an as if converted basis, unexercised options, restricted stock units, and estimated shares issuable under the current ESPP offering period have been excluded as their effect is antidilutive. There were no other potentially dilutive, unissued shares of common stock for the three and nine months ended September 30, 2026 and 2025. The Company had no outstanding non-voting common stock as of September 30, 2026 and 2025.

The Company reported net losses for each of the three and nine months ended September 30, 2026 and 2025 and therefore excluded all options, restricted stock units, convertible preferred stock, and estimated shares issuable under the current ESPP offering period from the computation of diluted net loss per common share as their inclusion would have had an antidilutive effect, as summarized below:


	Three and Nine Months Ended September 30,
	2026	2025
Stock options	5,478,455	739,331
Restricted stock units	51,835	—
Convertible preferred stock	—	7,461,130
ESPP shares	612	—
Total potentially dilutive shares	5,530,902	8,200,461

As described further in Note 5, Stockholders’ Equity – Common and Preferred Stock, in May 2026, the Company sold to Investors Pre-Funded Warrants to purchase 300,000 shares of the Company’s common stock at an exercise price of $0.00001 per share. The weighted-average number of common shares outstanding used in the basic and diluted net loss per share calculations includes the weighted-average effect of the Pre-Funded Warrants as of the May 2026 date of issue, as the Pre-Funded Warrants were exercisable at any time for nominal cash consideration. As noted above, in August 2026, the Investors exercised the Pre-Funded Warrants, purchasing 300,000 shares of common stock at an exercise price of $0.00001 per share.