Net Loss Per Share

9 Months Ended

Sep. 30, 2023

10.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	(in thousands, except per share data)						(in thousands, except per share data)
	2023			2022			2023			2022
Numerator:
Net loss	$	(22,263	)	$	(29,050	)	$	(70,981	)	$	(79,116	)
Denominator:
Weighted-average number of common shares outstanding – basic and diluted		97,033,273			87,892,195			91,268,133			87,868,081
Net loss per share – basic and diluted	$	(0.23	)	$	(0.33	)	$	(0.78	)	$	(0.90	)

In August 2023, the Company completed a private placement, in which 13,196,671 shares of common stock were sold together with pre-funded warrants to purchase 2,340,579 shares of common stock with an exercise price of $0.0001 per share. The pre-funded warrants were classified as a component of permanent equity in the Company's condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying

the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate net loss per share attributable to common stockholders because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

The Company’s potential dilutive securities, which include common stock options and unvested restricted common 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 potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	September 30,
	2023		2022
Stock options to purchase common stock		17,095,005		12,701,089
Unvested restricted common stock		757,647		—
Total		17,852,652		12,701,089