Net Loss Per Share

9 Months Ended

Sep. 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options to purchase common stock		9,335,202		8,178,136		9,335,202		8,178,136
Shares subject to Employee Stock Purchase Plan		97,880		110,897		97,880		110,897
Unvested restricted stock units		533,917		591,608		533,917		591,608
Common warrants		8,427,508		8,427,508		8,427,508		8,427,508
Total		18,394,507		17,308,149		18,394,507		17,308,149