11. Net Loss Per Share

The Company calculates basic and diluted net loss per share in conformity with the two-class method required for participating securities. The Company has 6,409,519 authorized shares of non-voting common stock. None of these shares of non-voting common stock have been outstanding since May 2024. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company are allocated on a proportionate basis to the two classes in periods when non-voting stock is outstanding. Basic net loss per share of common stock is computed by dividing the net loss per share of common stock by the weighted average number of shares of common stock outstanding for the period. The weighted-average shares of common stock outstanding as of March 31, 2026 included outstanding pre-funded warrants to purchase up to an aggregate of 6,000,000 shares of common stock. No pre-funded warrants were outstanding as of March 31, 2025.