Net Loss Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock options to purchase common stock		19,381,754		12,757,684		19,381,754		12,757,684
Shares subject to Employee Stock Purchase Plan		183,953		36,364		183,953		36,364
Unvested restricted stock units		1,308,942		782,709		1,308,942		782,709
Common warrants		6,877,622		8,104,615		6,877,622		8,104,615
Total		27,752,271		21,681,372		27,752,271		21,681,372