Net Loss Per Share

6 Months Ended

Jun. 30, 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 to purchase up to 22,113,062 shares of common stock issued in connection with the private placement as the pre-funded warrants are exercisable at any time for nominal cash consideration. 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:


	Six Months Ended June 30,
	2023		2022
Stock options to purchase common stock		9,187,093		7,046,676
Shares subject to Employee Stock Purchase Plan		15,031		46,172
Unvested restricted stock units		660,031		285,655
Common warrants		8,427,508		—
Total		18,289,663		7,378,503