Net Loss per Share

9 Months Ended

Sep. 30, 2025

11. Net loss per share

For periods in which the Company reports a net loss, potentially dilutive securities have been excluded from the computation of diluted net loss per share as their effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. Shares of the Company's common stock underlying pre-funded warrants are included in the calculation of the basic and diluted earnings per share. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:


	As of September 30,
	2025		2024
Unvested restricted stock		2,781,885		3,213,366
Outstanding options to purchase common stock		11,548,228		10,044,622
Total		14,330,113		13,257,988

The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(112,728	)	$	(96,668	)	$	(324,289	)	$	(286,388	)
Denominator:
Weighted average common shares outstanding, basic and diluted		102,570,801			82,410,095			97,567,229			82,141,383
Net loss per common share, basic and diluted	$	(1.10	)	$	(1.17	)	$	(3.32	)	$	(3.49	)