Net Loss Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock options to purchase common stock		20,020,180		11,937,414		20,020,180		11,937,414
Shares subject to Employee Stock Purchase Plan		58,184		7,850		58,184		7,850
Unvested restricted stock units		1,452,999		867,298		1,452,999		867,298
Common warrants		8,104,615		8,104,615		8,104,615		8,104,615
Total		29,635,978		20,917,177		29,635,978		20,917,177