Net Loss Per Share

3 Months Ended

Mar. 31, 2025

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 pre-funded warrants to purchase up to 38,543,577 shares of common stock, 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 March 31,
	2025		2024
Stock options to purchase common stock		19,852,941		11,859,362
Shares subject to Employee Stock Purchase Plan		144,421		79,748
Unvested restricted stock units		1,516,623		915,861
Common warrants		8,104,615		8,427,508
Total		29,618,600		21,282,479