Net Loss Per Share

3 Months Ended

Mar. 31, 2023

8. Net Loss Per Share

The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding, excluding restricted common stock. The weighted-average number of shares of common stock used in the basic and diluted net loss per share calculation include the pre-funded warrants issued in connection with the private placement as the pre-funded warrants are exercisable at any time for nominal cash consideration. As of March 31, 2023, the Company issued an aggregate of 2,582,557 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 2,583,144 shares of common stock and had pre-funded warrants to purchase up to 22,113,062 shares of common stock and common warrants to purchase up to 8,427,508 shares of common stock outstanding. The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended March 31,
	2023		2022
Stock options to purchase common stock		9,389,106		6,883,024
Shares subject to Employee Stock Purchase Plan		87,983		81,675
Unvested restricted stock units		678,996		305,350
Common warrants to purchase common stock		8,427,508		—
Total		18,583,593		7,270,049