Net Loss Per Share

9 Months Ended

Sep. 30, 2025

14. Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,			Three Months Ended September 30,			Nine Months Ended September 30,			Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss attributable to common stockholders	$	(10,470	)	$	(60,739	)	$	(41,419	)	$	(151,482	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		170,169,865			119,495,284			136,874,025			118,163,599
Net loss per share attributable to common stockholders, basic and diluted	$	(0.06	)	$	(0.51	)	$	(0.30	)	$	(1.28	)

The 21,342,442 shares of common stock issuable upon exercise of pre-funded warrants described in Note 10 are included as outstanding common stock in the calculation of net loss per common share.

Shares of unvested restricted common stock are not considered outstanding for accounting purposes until vested and were excluded from the calculations of basic net loss per share attributable to common stockholders for the three and nine months ended September 30, 2025. There were no shares of unvested restricted common stock for the three and nine months ended September 30, 2024.

The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated, because including them would have had an anti-dilutive effect:


	For the Nine Months Ended September 30,		For the Nine Months Ended September 30,
	2025		2024
Stock options to purchase common stock		21,316,902		21,875,754
Restricted stock units		1,539,000		—
Warrants to purchase common stock		6,824,712		6,824,712
		29,680,614		28,700,466