Net Loss Per Share

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(128,447)	$	(132,970)

Denominator:
Weighted average number of:
Common stock shares outstanding	158,305,199		145,175,965
Pre-funded warrants	28,331,779		26,046,065
Total	186,636,978		171,222,030
Net loss per share	$	(0.69)	$	(0.78)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

Potentially dilutive securities, including options issued and outstanding, Employee Stock Purchase Plan (“ESPP”) shares issuable, and restricted shares subject to future vesting that were not included in the diluted per share calculations for the periods presented because they would be anti-dilutive totaled approximately 30.0 million and 27.4 million shares as of March 31, 2026 and 2025, respectively.