Net Loss Per Share

12 Months Ended

Dec. 31, 2024

The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding. The weighted-average number of shares of common stock used in the basic and diluted net loss per share calculation include pre-funded warrants to purchase up to 38,543,577 and 40,492,923 shares of common stock for the years ended December 31, 2024 and 2023, respectively, 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:


	Year Ended December 31,
	2024		2023
Stock options to purchase common stock		14,594,720		9,208,970
Shares subject to Employee Stock Purchase Plan		15,922		17,200
Unvested restricted stock units		770,028		495,579
Common warrants		8,104,615		8,427,508
Total		23,485,285		18,149,257