Net Loss Per Share

3 Months Ended

Mar. 31, 2025

Basic net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The outstanding Pre-Funded Warrants (see Note 7) are included in the weighted-average common shares outstanding in the basic net loss per share calculation for the three months ended March 31, 2025 given their nominal exercise price.

Diluted net loss per share is calculated in accordance with the treasury stock method for the outstanding Warrants, stock options and RSUs and reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted to common stock. The calculation of diluted net loss per share requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the options or other securities and the presumed exercise of such securities are dilutive to net loss per share for the period, an adjustment to the net loss used in the calculation is required to remove the change in fair value of such securities from the numerator for the period. Likewise, an adjustment to the denominator is required to reflect the related dilutive shares, if any. For the three months ended March 31, 2025 and 2024, basic and diluted net loss per share were the same, as the assumed exercise or settlement of common stock warrants, stock options, service-based RSUs and performance-and market-based RSUs would have been anti-dilutive.

Basic and diluted net loss per share for the three months ended March 31, 2025 and 2024 are calculated as follows:


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss	$	(19,694,697)	$	(30,469,871)
Denominator:
Shares used to compute net loss per share, basic and diluted
Weighted-average common shares outstanding	36,478,176		23,291,512
Weighted-average shares underlying pre-funded warrants	2,135,477		—
Weighted-average common shares outstanding used to compute basic and diluted net loss per share	38,613,653		23,291,512
Net loss per share
Basic and diluted	$	(0.51)	$	(1.31)

The following table summarizes potential shares of common stock that were excluded from the diluted net loss per share calculation because of their anti-dilutive effect:


	Three Months Ended March 31,
	2025	2024
Warrants to purchase common stock	10,000,000	—
Options to purchase common stock	1,748,184	1,355,178
Service-based restricted stock units	573,720	392,120
Performance-and market-based restricted stock units	128,800	—
Convertible preferred stock	275	275



Total	12,450,979	1,747,573