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Net Loss per Share

3 Months Ended

Mar. 31, 2026

Net Loss per Share

Net Loss per Share

3. Net Loss per Share

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The following table shows the calculation of net (loss) income per share (in thousands, except share and per share data):

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​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 31,					​
​	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​
Numerator:	​	​	​		​	​	​
Net loss attributable to common stockholders, basic	​	$	(13,692)	​	$	15,193	​
Gain from change in fair value of warrant liability	​	​	—	​	​	(25,129)	​
Net loss - basic and diluted	​	$	(13,692)	​	$	(9,936)	​
Denominator:	​		​	​		​	​
Weighted average common shares and pre-funded warrants outstanding used to compute basic and diluted net (loss) income per share	​		89,996,728	​		72,126,496	​
Weighted average shares issuable upon the exercise of common warrants	​	​	—	​	​	3,026,018	​
Weighted average common shares and prefunded warrants outstanding used to compute diluted net loss per share	​	​	89,996,728	​	​	75,152,514	​
​	​	​	​	​	​	​	​
Net (loss) income per share, basic	​	$	(0.15)	​	$	0.21	​
Net loss per share, diluted	​	$	(0.15)	​	$	(0.13)	​

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Weighted average common shares outstanding used in the calculation of basic and diluted net loss per share for the three months ended March 31, 2026 and 2025 includes 8,275,913 and 4,144,085 shares of common stock issuable upon conversion of pre-funded warrants, respectively. Refer to Note 9, “Warrants” for further details.

Shares issuable upon exercise of common warrants used in the calculation of diluted net loss per share for the three months ended March 31, 2025 were calculated using the treasury stock method.

The amounts in the table below were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:

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​	​	​	​	​	​
​	​	Three Months Ended			​
​	​	March 31,			​
​	​ ​ ​	2026	​ ​ ​	2025	​ ​ ​
Outstanding options	​	13,066,326		11,575,683	​

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- References

No definition available.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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